![]() ![]() The next phase of Commercial Bank’s blockchain project will see it move from commercial blockchain solutions to business processes, specifically trade finance. We are delighted with the success of this pilot across the Commercial Bank Group and want to expand our cluster to form closed group networks for trade and cash transactions with more banks in South Asia, Egypt, Philippines, UAE and other countries with higher transaction volumes. Intriguingly, the network was developed independently of the core remittance operations used by the banks currently, hinting toward a complete replacement of the bank’s existing wire banking systems, with blockchain technology.Ĭommercial Bank chief executive Joseph Abraham stated: The network is built on an asset-agnostic cloud-based ledger with which the banks are able to automate inter-organizational processes, reducing the risk of fraud and enabling greater transparency.įurther details reveal that the Commercial Bank-led blockchain network was developed in weeks. Infosys also laid claim to the successful completion of the pilot being the first ever instance of international remittances being processed on a cloud-based blockchain network. In an announcement this week, it is revealed that the blockchain used was developed by Infosys Finacle, part of EdgeVerve Systems which is a wholly owned subsidiary of Indian IT giant Infosys. The bank revealed that it would look to gain regulatory approval for its blockchain-based remittance service while targeting high-remittance corridors between the Middle-East and Asia. The initial pilot proved successful, offering real-time, bank-to-bank international transfers at markedly lower costs. Last month, Commercial Bank unveiled its blockchain pilot that saw the bank conduct trials on a blockchain grid shared by three partner banks from Turkey, Oman and the UAE. #Cloud money transfer softwareWe are looking forward to seeing Western Union wow their customers with modern and secure banking services,” Danilkis added.Commercial Bank, Qatar’s first private bank has announced the successful completion of an international money transfer pilot using a cloud-based blockchain developed by a subsidiary of Indian software giant Infosys. “Western Union adopted the cloud because they recognized that FIs of the future need to engage their customers with excellent new products. Large financial institutions have started a global trend of moving to cloud-native, nimble tech stacks and are becoming part of the ecosystem,” said Danilkis. “The industry has reached a tipping point for cloud adoption. The company’s omnichannel approach aims to connect the digital and physical and it currently collaborates with a huge global retail agent network. ![]() Western Union’s cross-border money transfer and payments business operates across more than 200 countries and territories and in over 130 currencies. ![]() Read more: Western Union Signals Grand Neobank Ambitions With Marqeta Pact “The Mambu and Western Union team have come together in a truly collaborative partnership accelerating our financial service ambitions while building a product that can scale and is cloud-agnostic,” Mazzaferro added.Ĭo-founded in 2011 by Frederik Pfisterer and CEO Eugene Danilkis and headquartered in Berlin, Mambu’s cloud-native platform has 70 million daily users and is used by over 230 banks and financial institutions. By partnering with Mambu we have built our digital banking products and services starting in Europe with Germany and Romania,” Western Union Chief Data and Innovation Officer Thomas Mazzaferro said in the announcement. “Our ambition is to provide market-leading financial solutions to our customers. See also: Next-Gen Commercial Banking Tracker: Embedded Finance Takes Center Stage With WU+, customers can use a single app to quickly create a new account for spending and saving purposes. With Mambu, Western Union can launch new banking products that can be configured with external applications. Western Union’s digital banking app WU+ was built on Mambu and will integrate a number of features to facilitate money movement, card management, and transaction activity, according to a Thursday (June 9) press release. Cloud banking platform Mambu and global money transfer giant Western Union are collaborating to deliver digital banking products to Europe. ![]()
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