Blockchain helps Philippines rural banks

The Union Bank of the Phillippines is helping regional banks to access the main banking network. The bank ran an “i2i” pilot project with seven rural banks.

The problem

There are roughly 400 rural banks with 2000 branches in the Philippines. Rural banks are not members of the Philippine Clearing House or SWIFT, because both organizations have complex requirements. Interbank transactions with a rural bank can take from a day to a month to complete. And it can go through up to 25 processes via five departments.

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