Sweden bank SEB to introduce blockchain money transfers

7 November 2016

Sweden bankA financial group for legal entities and individuals in Sweden Skandinaviska Enskilda Banken AB is implementing the blockchain technology of Ripple for adding the real-time money transfers made by the bank customers between Stockholm and New York. According to the official report the new functionality is completely compatible with the bank’s operating structure. The start of the customer transactions is scheduled for 2017.

The service will allow consumers to make transfers in real-time while prolonging the time of the operation. An executive from SEB notes that after some time the group is planning to launch the expansion to cover other destinations across the globe. He continues adding that in the future there will be more banks implementing the blockchain and partnering with SEB thus arranging the interledger connection.

While many players in the market are already integrating the innovative technologies into their services, SEB wants to make this trial to figure out if it is going to be a success.

Skandinaviska Enskilda Banken belongs to the consortium of R3 blockchain involving 50 international banks jointly working for the development of unified standards of the new transaction technologies. Earlier this year the group using its venture capital participated in the fund raising for Coinify blockchain payments company in Denmark.

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