The Standard Bank in South Africa is currently eyeing the private permissioned blockchain for overseas exchange traders on behalf of its corporate clients, according to the cryptocurrency news reported by the news outlet FinExtra on February 28th.
The platform is set to go live in the second half of 2019 and will be based on the Hyperledger Fabric – the foundation for developing applications or solutions for enterprise with a modular architecture.
Aside from this, the South African bank is planning to connect its foreign currency trading app Shyft to the blockchain platform. The blockchain-based system will apparently speed up the processing of international trades, foreign exchange payments as well as settlement.
On top of this, South Africa’s Standard Bank is hoping to increase the transparency of every transaction since the documents will be available for all parties in real-time.
According to the head of foreign exchange for Standard Bank, the blockchain solution will likely reduce the incidence of trade failure – but will also increase the regulatory transparency and remove the visibility of liquidity.
Initially, the solution is going to be used by Standard Bank along with its partner in Uganda, Stanbic Bank, as well as third parties directly involved in trades.
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