R3 and 22 banks have collaborated to develop an international blockchain payment system
Fintech firm R3 has announced that it has developed a new international payment system, in collaboration with 22 leading global banks, using blockchain technology.
The payment system that was built on R3’s Corda platform aims to enable fast, efficient and cost-effective cross-border payments, using a multitude of both existing currencies issued by central banks and new and emerging digital currencies.
Once up and running, the new alternative payment system will save businesses millions of dollars with transactions taking just minutes.
“This solution will be a game-changer for any bank or company whose business relies on making or receiving cross-order payments, and is a key part of R3’s wider strategy to leverage distributed ledger technology (DLT) for faster and more efficient execution of all types of financial transaction,” said David Rutter, CEO of R3.
A number of leading names were amongst the 22 banks that worked with R3 to develop the system, including Barclays, BBVA and HSBC.
Corda will showcase the first shared infrastructure that will facilitate the full payments workflow, with others having only used DLT for international payments in specific cases.
“International payments systems have struggled to keep pace with the explosion of global trade and the globalisation of the world’s markets,” Rutter continued. “This marks a significant milestone for distributed ledger technology as we work alongside our bank members to harness its unique attributes to build the world’s first true international payments system.”
Having been under construction for over two years, the next milestone for R3 will be the release of the prototype, something that is expected before the year’s end.
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.”