Canadian fintech firm Expertus has partnered with distributed ledger technology provider Ripple to launch a pilot programme to test blockchain technology for banks.
The new pilot program will help banks in testing blockchain technology with minimal process disruption and integration efforts, according to Expertus. The platform can be integrated into the bank’s existing payments infrastructure without the need for any changes.
"The combination of Expertus Payment Platform with Ripple distributed ledger will enable FIs to offer their clients real-time payment execution, complete transparency into fees and lower costs," the companies said.
The solution is also said to enhance liquidity management for banks and their corporate customers and paves the way for global payment netting and settlement.
Expertus president Jacques Leblanc said: "By providing this pilot program, we intend to help financial institutions move fast in the assessment of this new technology without the operational risk of a large-scale IT overhaul. Several banks have already joined the program and have realized the benefits of blockchain."
Steve Mollenkamp, head of channel sales at Ripple, said: "Joining forces with partners like Expertus allows us to make it even easier for banks and their customers to realize the benefits of distributed financial technology.
"The newly launched pilot program will contribute to the growth of the Ripple network, enabling even more financial institutions to improve their cross-border payments."