Today South Africa’s
Standard Bank announced plans to launch a permissioned blockchain solution to share data in order to speed up international corporate payments. The platform is expected to roll out in the first half of 2019 according to
MyBroadband.
The blockchain will provide a record of documents and settlements which are stored in the cloud. For payment rails, the blockchain will be integrated with SWIFT and Shyft, the bank’s foreign exchange app.
The network will have a web interface with access restricted to Standard Bank and Stanbic Bank partner banks, its clients, and counterparties involved in trades.
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