Last week Argentine blockchain firm IOV Labs announced it had completed a blockchain proof of concept with the Central Bank of Argentina (BCRA) and a group that includes BBVA, ICBC, Banco Santander, the Bank of the Province of Córdoba, and stock exchange BYMA.
The project implemented with blockchain firm Grupo Sabra, deals with customer claims in connection with rejected direct debits. These are recurring bank payments similar to recurring ACH in the U.S. When a customer disputes the payment, it requires communication between banks to deal with the claim, and hence blockchain is being used as a messaging system.
The aim is to provide a simpler and more efficient alternative to current compensation systems and provide traceability about how each claim was handled.
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