What the world’s largest banks think of blockchain for their payments systems
The banking industry is still debating how to deal with the blockchain, but there is a clear consensus: it is the future of payments.
The new technology, which is often referred to as “blockchain,” enables data to be recorded in a way that makes it possible to verify transactions without the need for intermediaries.
Some banks are now experimenting with ways to make the blockchain even easier to use.
One of the first big players in the industry is Ripple, the payments system that has become a household name after a successful initial public offering in late 2016.
Today, Ripple has more than 40 million customers and more than $70 billion in assets.
It is now experimenting more with payment technology, using a blockchain for its network-wide payments and blockchain for financial services.
The company is also exploring the use of blockchain in its blockchain-powered payment system XRP.
As Ripple’s Chief Executive Officer Brian Armstrong told CNBC’s “Fast Money,” the company is exploring using the technology for “smart contracts,” in which companies can create smart contracts to govern their transactions.
In the future, Armstrong said, the company hopes to integrate smart contracts into its XRP payments platform.
Ripple is currently working on its own blockchain, dubbed RippleNet, but its chief executive said that he doesn’t want to create an “interactive currency” or “currency for digital assets” like bitcoin.
“We think that we have a good idea of what the future holds, but we don’t want it to be the same as what happened in 2008,” Armstrong said.
The RippleNet blockchain is currently undergoing testing in two banks, Ripple Labs, based in Austin, Texas, and Ripple Partners, based out of London.
Both banks have also partnered with startups like the bitcoin exchange ShapeShift and payment service Square, which are working on using the blockchain technology in the payments industry.
Armstrong said the RippleNet platform is a prototype and will eventually be open-sourced, which means that companies can build on top of the Ripple system.
“It will be really interesting to see how it develops over time,” he said.
A blockchain-enabled payment system is also being explored by the banking industry.
JPMorgan Chase, the largest U.S. bank, is building a blockchain-based payment system for customers to send money to each other, in order to help them manage the transaction and avoid overbilling.
The technology, called BACi, is designed to make it easier to send payments to merchants.
BACein, which launched in 2017, has raised more than half a billion dollars and now has more then 100,000 merchants using the system.
The BACoin payment system allows merchants to use a distributed ledger to track transactions and make payments, making the system cheaper than traditional banking.
“As a bank, we need to build out our payment infrastructure, and blockchain will help us do that,” said John Sullivan, the chief technology officer for BACCoin, a company that develops blockchain-backed products.
The blockchain is being tested by banks around the world.
The Royal Bank of Scotland, the world leader in the world of banking, is testing blockchain for payments.
Barclays, the UK’s second-largest lender, is also testing the technology.
The banks are testing their own blockchain-driven payment system called EFT and using it for its XFT platform, which allows merchants and customers to transfer money to one another using EFT, or electronic cash.
Barclays said it is currently testing the system in the U.K. and Australia.
A spokeswoman for Bank of America Merrill Lynch, which also tests blockchain-related products, said the bank is working with a handful of companies and other institutions on the use and development of blockchain technology for financial institutions.
“While our business has always been about providing customers with seamless, frictionless and cost-effective financial services, the ability to integrate payments in our systems is a key component to the success of our businesses,” said a spokesperson.
The spokesperson said the use or development of the technology in other financial services is a focus for the bank.
For example, Barclays said that it is working to integrate the technology into its payment and clearing systems.
Barclays is also working on a blockchain platform for the U