A U.K.-based credit score and reporting company has partnered with Ocyan to launch RomanAgora, a blockchain-based marketplace used for verifying credit applications. By leveraging blockchain to verify identity, RomanAgora seeks to reduce the time, expense and possibility of fraud involved in the online credit application process. It may also help financial institutions comply with regulations such as Know-Your-Customer rules.
More banks are integrating blockchain into their payment systems. The Interbank Information Network (IIN), a blockchain service spearheaded by a major U.S. bank and used by 112 banks, has welcomed the first Singaporean bank to join its ranks. IIN uses Quorum, an Ethereum-based permissioned blockchain that verifies identity for cross-border payments. Another major U.S. bank announced on Sept. 19 that it is joining the Marco Polo Network, R3's Corda blockchain platform. The Marco Polo Network addresses issues in the trade finance business such as receivables discounting, payment commitment and payables finance programs. An application of Marco Polo is currently being tested by a German automaker. In this example, an order for equipment and prearranged payment was arranged through Marco Polo. Delivery of the equipment triggered payment on the other end. This reportedly reduced the time spent verifying delivery and receiving payment from days to a matter of minutes.
On Monday, the first physically settled bitcoin futures contracts began trading on Bakkt, a bitcoin futures exchange. In other cryptocurrency news, the International Monetary Fund has published an article presenting issues posed by stablecoins and offering potential solutions for policymakers. According to the article, stablecoins may lead some countries to consider new monetary policies to keep out foreign stablecoins that compete with their weaker currencies.
For more information, please refer to the following links:
- OCBC first Singapore bank to join JPMorgan's blockchain network
- ClearScore is partnering with a blockchain startup to reduce credit application fraud
- Bank of America joins the Marco Polo Network to tackle trade finance challenges
- Daimler Carries Out First Transaction on Marco Polo Blockchain Trade Network
- Bitcoin Is Growing Up as Deliverable Futures Start Trading
- IMF: Digital Currencies: The Rise of Stablecoins
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