National Bank of Canada has partnered with CGI on a pilot blockchain program that will improve the process for negotiating standby letters of financial services such as credit and guarantees.
The National Bank of Canada’s Vice President Patrice Roy said:
“This pilot project is a great opportunity to leverage blockchain technology to simplify the process for negotiating standby letters of credit and guarantees while making it more transparent and secure.”
It’s also believed that new blockchain platform will improve processing times and cut financial risks.
Lat year, The Bank of Canada was even considering the merits of establishing its own digital currency.
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