December 20, 2017
Just like the guys who produced and sold shovels made a lot more fortune during the gold rush, something similar is happening in the Bitcoin world – there is an equivalent. Just look at the crypto exchanges, the hot and cold wallets (hardware), Google Authenticator (2FA), and so on.
Read about the crypto exchange Coinbase. A fascinating story of a startup that has so much demand that it’s struggling to keep up.
The entire set of financial services instruments (loans, futures, derivatives, and so on) are going to be there in crypto-world as well.
Primechain-P5, a unique blockchain-based platform for cross-border remittance, was announced at the Future Money Conference 2017 in Mumbai by Sudin Baraokar, Head of Innovation at the State Bank of India.
P5 features 59-second global remittances at a near-zero fee on a 24×7 basis as well as automated reconciliation. The platform uses Microsoft Azure APIs for machine learning-based fraud detection systems and real-time anti-money laundering checks. Additionally, many of the P5 nodes will run on the Azure cloud. The platform also does away with the need for nostro/vostro accounts and features 100% API-driven technology.
Some of the banks who are exploring P5 include State Bank of India, Emirates NBD, and DCB Bank.
P5 has been developed by Primechain Technologies, a young blockchain startup, for members of BankChain – a community of banks for exploring, building, and implementing blockchain solutions. Formed in February 2017 with the State Bank of India (one of the largest banks in the world) being the first member, BankChain now has 30 members globally.
Speaking at the launch, Sudin Baraokar, Head of Innovation at State Bank of India said that P5 solves the six pain points of today’s global payments systems – inefficient onboarding, vulnerable Know Your Customer (KYC), cost and delay of global remittances, propensity for error, mandatory liquidity requirement, and demanding regulatory compliance.
According to Prasanna Lohar, Head of Technology – Innovation & Architecture, DCB Bank, (The year) 2017 brought with it a wave of innovations and adoption of blockchain through collaboration among banks at BankChain. The need for efficient cross-border payments is overwhelming and the demand for faster cross-border payments is growing with the rise of global e-commerce. Adoption of blockchain-based cross-border payments will lead us to reduce the settlement time, removal of manual intervention, and lower the cost of completing global payments for businesses & consumers.
According to Peter Gartenberg, General Manager – Enterprise Commercial, Microsoft India, Blockchain has the power to help organizations to transact within an ecosystem with secured, transparent, shared and immutable information. Microsoft is working closely with global and local consortiums to understand core industry scenarios and create blockchain solutions for them. We are happy to partner with BankChain as its exclusive cloud partner to provide global scale, hybrid cloud capabilities, extensive compliance certification portfolio, and enterprise-grade security that is helping to fast-track blockchain adoption amongst banks in India.
Primechain-P5 is one of the most exciting developments in the field of global payments today. We’ve partnered with Microsoft Azure for maximum security, scalability, and stability, said Shinam Arora, CEO, Primechain Technologies.
We at LTP and MEDICI are a strategic partner for BankChain.