South African bank Standard Bank has launched its own node in the Hedera Hashgraph network to use blockchain and DLT for international transfers.
The head of innovation at Standard Bank Group, Ian Putter, announced that the bank has become a member of the Governing Council of the Hedera Hashgraph decentralized platform to implement blockchain at the corporate level. Council members also include Google, LG and IBM. Standard Bank will be one of the first African banks to use distributed ledger technology (DLT) for cross-border transfers.
Putter believes that the introduction of innovations in payment systems will create conditions for faster and more cost-effective transactions not only with African banks, but also with partners from other continents. Putter also noted the growing interest of banks in government digital currencies. In his opinion, this indicates the development of technologies based on DLT, which can radically change current business processes.
“We’ve tested the proof of concept and are partnering with those willing to use blockchain to scale their operations. Our key challenge is to continue researching and experimenting with DLT and leverage existing solutions to improve the efficiency of interbank payments, ”said Putter.
Many African banks are interested in using blockchain and DLT, according to Hedera CEO Mance Harmon. The needs of their customers are constantly changing, so financial institutions are ready to innovate in order to retain existing customers and attract new ones. Harmon added that in addition to the financial industry, there is a lot of interest in blockchain in healthcare, energy, logistics and data identification.
Recall that last year the Australian electronic payment system Eftpos also announced its readiness to test the Hedera Hashgraph blockchain for micropayments.
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