IBM announces new blockchain fintech solution
Multinational technology firm IBM has created a new Blockchain banking solution that will be capable of reducing the settlement time of universal cross-border payments, whilst also reducing the cost for both consumers and businesses.
The new fintech will be offered using IBM’s blockchain in collaboration with the firm’s technology partners Stellar and KlickEx Group, with it already up and running in 12 currency corridors across the Pacific Islands, Australia, New Zealand and the UK.
“This new innovation and collaboration represents a significant milestone for Stellar as well as the financial technology industry as a whole,“ said Jed McCaleb, Co-founder of Stellar.
The intention of the solution is to improve the speed of global payment transactions, something that can often prove to be costly, time consuming and error-prone. IBM quote the World Bank within its release, stating that such modernising initiatives could help achieve the goal of extending financial services to one billion people by 2020.
“With the guidance of some of the world’s leading financial institutions, IBM is working to explore new ways to make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world,” said Bridget van Kralingen, Senior Vice President of IBM Industry Platforms.
The solution represents just one of a number of blockchain projects that IBM is currently working on, with the firm also looking into the use of blockchain in foreign exchange payments, private equity administration, securities and trade finance.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”