ClickCease
Don't miss out! Join us at
2024 featuring Fraud Fight Club on April 25th
arrow icon
Blog

Blockchain Activity of FIs & Banks: Updated Analysis (Infographic)

Post by:
Prove
February 23, 2021
Post by:
No items found.
February 23, 2021
Blockchain Activity of FIs & Banks: Updated Analysis (Infographic)

In the following article, we have tried to cover the innovations and practices implemented by FIs in blockchain technology from October 2013 to the present day.



1. Bank of America:

The US Patent & Trademark Office website revealed (September 2015) that Bank of America had filed a patent on a System and Method for Wire Transfers Using Cryptocurrency. The patent deals with using a system that would decide on one optimal method for completing a wire transfer, in other words: remittance of money. The system would use multiple cryptocurrency exchanges, wherein a funds transfer initiated by one customer could be exchanged via one cryptocurrency exchange. At the receiving end, they could be re-converted to currency using another cryptocurrency exchange. The different cryptocurrency exchanges mentioned include OKCoin, BitStamp, BTCChina, Cryptsy, CoinMarket, and Justcoin. However, they also mention that this list is not exhaustive.

2. NASDAQ:

At the Money 20/20 event in Las Vegas, NASDAQ unveiled its new blockchain-based platform, which facilitates share transfers and sales on its private market. NASDAQ Linq is a digital ledger technology that leverages blockchain to facilitate the issuance, cataloging, and recording of transfers of shares of privately-held companies on the NASDAQ Private Market. It will complement ExactEquity, NASDAQ Private Market’s cloud-based capitalization table management, and stock plan administration solution. In addition, NASDAQ Linq clients will be provided with a comprehensive, historical record of issuance and transfer of their securities, offering increased auditability, issuance governance, and transfer of ownership capabilities. The company also announced the initial roster of private company clients like Chain.com, ChangeTip, PeerNova, and TangoMe.

The firm invested in Chain.com (September 2015), a blockchain infrastructure provider for FIs and enterprises. NASDAQ chose Chain to run a pilot around blockchain technology on the NASDAQ Private Market. The stock exchange firm is also looking to expand its blockchain ambitions beyond the US, planning securities-focused applications in Estonia.

3. Citi:

Investor in Chain.com., a blockchain infrastructure provider for FIs and enterprises. Chain helps companies build financial products around blockchain technology with its bitcoin data API. (September 2015)

4. Visa:

At Money 20/20, Visa showcased a prototype connected automobile with an exciting app built into its dashboard. A collaboration between Visa and DocuSign uses the bitcoin blockchain to record several types of contract information. (October 2015)

Visa Europe announced (November 2015) its collaboration with Epiphyte, a provider of blockchain-based software-as-a-solution (SaaS) for immediate financial transactions. Visa Europe Collab and Epiphyte, a recent graduate from San Mateo incubator Boost VC will be working on a proof-of-concept to use bitcoin and blockchain capabilities to make remittance services more efficient and easier to use.

5. Royal Bank of Canada:

The bank seeks to launch a loyalty program (November 2015) that uses the technology sometime in 2016. According to American Banker, Royal Bank of Canada (RBC) President and CEO Dave McKay suggested that RBC was currently looking for low-risk ways to introduce its customers to the technology and that a loyalty program was the best fit.

6. R3CEV:

Nine banks collaborated (mid-September) to develop common blockchain technology standards by backing a blockchain startup called R3CEV. Thirteen more banks joined by the end of September. Three more banks joined the R3CEV collaboration in October, taking the total count to 25; in November, five more banks joined hands to make the total number of banks in the R3CEV collaboration 30. Here are the 30 banks that are collaborating: Goldman Sachs, JP Morgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA, UBS, BNY Mellon, Mitsubishi UFJ Financial Group, Citigroup, Commerzbank, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale, Toronto-Dominion Bank, Bank of America, Deutsche Bank, Morgan Stanley, HSBC, BNP Paribas, Canadian Imperial Bank of Commerce, ING Bank, Macquarie Bank, Wells Fargo & Co, Mizuho Bank, Nordea Bank, and UniCredit.

Banks around the world are embracing the principles of open innovation to augment their product development programs. Recently, we saw several banks/FIs sponsoring blockchain hackathons as it is a great way to analyze and embrace the payment ecosystem with the opportunistic side of the new technology. Here are the various events and hackathons sponsored/to be sponsored by FIs:

Blockchain_Hackathon


To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.


Create secure frictionless customer experiences using modern identity solutions

Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.

Prove: the world’s most accurate identity verification and authentication platform

Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.

Keep Reading...Read our latest white-paper on this subject!

Tap the button below to read our latest white-paper on the subject as industry leaders.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.

Interested in more information about Prove Pre-Fill?

Download the Report

Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.

Interested in more information about MFA?

Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.