The South African bank, Standard Bank, develops its own a private permissioned-focused payment platform on the decentralized ledger technology, Finextra reports.
According to the report, the cloud-based platform will move into live production in the second half of the year and will initially cover Standard Bank and Stanbic Bank partner banks, clients & third parties, and the global provider of secure financial messaging — SWIFT.
The head of foreign exchange for Standard Bank, Richard de Roos, states the bank also decided to include its foreign currency trading app — Shyft.
"We could actually offer clients a fully integrated end-to-end block chain solution that would dramatically reduce the incidence of trade failure while also increasing regulatory transparency and improving the visibility of liquidity," he added.
Meanwhile, other Switzerland-based financial institution, Dukascopy Bank, announced the launch of its own ERC20-based cryptocurrency — Dukascoin (DUK +).
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.