This past week, blockchain technology garnered attention with some of the largest financial institutions including Mastercard, Credit Suisse, and JP Morgan. And as more banks continue to adopt blockchain in different ways, Deloitte has identified a need for the development of guidelines and best practices for organizations to follow. Continue reading our latest fintech news roundup to find out more.
Deloitte Provides Best Practices for Blockchain Adoption
As Lory Kehoe, EMEA Blockchain Lab lead at Deloitte said in a recent article from Silicon Republic, blockchain technology has “attracted significant attention from the financial services industry in EMEA and around the globe, with many organisations exploring different structures and governance models as they move from exploration to implementation.” As such, Deloitte has published a report on best practices for organizations considering blockchain adoption. Find out what they are here.
Mastercard Now Accepting Blockchain Payments
On Friday, MasterCard announced that it’s opening up access to a blockchain-based business-to-business (B2B) payment service under a new option called the “Mastercard Blockchain API.” With the announcement, Mastercard is embracing the fintech revolution by offering customers a more private and secure option for making transactions – one that is both easily scalable and flexible. Read the full article here.
J.P. Morgan Creates Cross-Border Blockchain Network
J.P. Morgan recently unveiled the Interbank Information Network (INN) to improve efficiencies and reduce the cost of making global payments for business and consumers. The first to join the blockchain network include Royal Bank of Canada and Australia and New Zealand Banking Group Ltd. The INN is believed to significantly reduce the number of participants needed to respond to compliance and other data-related inquiries that delay payments. Find out more here.
Blockchain Creates Efficiencies for Credit Suisse Loans
In addition to creating more efficient payment models for banks, blockchain technology can also be used to increase the efficiencies in the syndicated loans market, where it takes 19 days on average for a syndicated loan transaction to be settled by banks. Credit Suisse is part of a consortium of financial institutions who have partnered with Synaps to transfer syndicated loans onto blockchains. Read the full story here.