Blockchain In Money Transfer
Hosted at ONEROOT’s office in Shanghai, the BXA (Blockchain Exchange Alliance) Press Conference was destined to delight after the partnership announcement that the two companies recently made. The announcement saw BXA become the majority shareholder of ONEROOT and ONEROOT gain shares in BXA to form a solid partnership that will provide a solid base for the two companies infrastructure development plans.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has announced its decision to launch a pilot Global Payment Initiative (GPI) service which aims to compete with the growing threat of competing blockchain and fintech solutions provided by institutions like Ripple, JP Morgan and Transferwise.
Still in its initial stages, the ambitious pilot aims to “build the foundation of a new integrated and interactive service that will significantly improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network.”
Hitachi Payment Services, the Indian-based subsidiary of Hitachi, has entered a joint venture with State Bank of India for the establishment of a digital payments platform, pending regulatory approval. The announcement comes at a time when the Supreme Court asked the Indian government to state its policy towards cryptocurrency within two weeks.
Mastercard has been awarded a patent for a method to partition a blockchain, making it capable of storing multiple transaction types and formats. The patent filing was published by the U.S. Patent and Trademark Office (USPTO) on Oct. 9.
The document explains that in current blockchain systems, the transaction records stored in the different blocks that comprise a blockchain are “often required to be of the same format and include the same types, and sometimes even sizes, of data.”
This means that any entity that wants to use multiple types of blockchains — whether ones that support different cryptocurrencies, or ones with varying degrees of permissioned or open access — is forced to operate many different blockchains at once.
The UAE is set to begin using a payment system built on blockchain technology, with the Smart Dubai Office (SDO)’s launch of their “Payment Reconciliation and Settlement” system, developed with the help of the Dubai Department of Finance (DoF).
LG U+, the mobile subsidiary of tech giant LG, has collaborated with mobile carriers and tech companies in Japan, Taiwan, and the US to develop a blockchain-based overseas payment service, according to a September 16 article published in The Korea Times.
According to the article, LG U+ has signed a memorandum of understanding with Taiwan-based Far EasTone Telecommunications and Japan-based SoftBank to develop the new blockchain platform. The technology driving the payment service will be provided by US-based TBCASoft.
Japan-based tech company SoftBank announced the development of a new blockchain-powered cross-carrier mobile payment service in a press release published on the company’s website on September 12.
The new payment service proof of concept was reportedly developed in collaboration with Synchronoss Technologies and TBCASoft. Synchronoss is the creator of a multi-channel communications platform covering SMS, email, and RCS.
The United Arab Emirates’ (UAE) central bank is collaborating with the Saudi Arabian Monetary Authority (SAMA) to issue a cryptocurrency accepted in cross-border transactions between the two countries. English-language Dubai-based media outlet GulfNews reported on this collaboration on Dec. 12.
A proof-of-concept (PoC) project of a mobile payments service utilizing block
chain technology has been successfully completed by SoftBank Corp., a Japanese telecoms and Internet firm, in partnership with tech provider Synchronoss Technologies, Inc., and US-based blockchain startup TBCASoft, Inc.
The new cross-carrier mobile payments service allows users to make a range of in-store, mobile and digital purchases directly from their device. The solution is based on the Rich Communication Services (RCS) global messaging standard and TBCASoft’s cross-carrier blockchain platform.
12-Sep-18 Uber’s Largest Shareholder to Launch Cross-Carrier Mobile Payments Service Based on Blockchain and RCS
Japanese tech giant SoftBank is developing a blockchain-powered cross-carrier mobile payments service, the company reported in an official press release published September 12. SoftBank’s new proof-of-concept (PoC) development was announced in partnership with telecoms-focused blockchain firm TBCASoft and Synchronoss Technologies, provider of cloud, messaging, digital, and Internet of Things (IoT) services and platforms.
Hong Kong has become the latest nation to introduce a 24×7, instant payments system as a fintech upgrade for retail payments in the country.
Aptly dubbed the Faster Payment System (FPS), the initiative was first announced by the Hong Kong Monetary Authority (HKMA) – the country’s defacto central bank – two weeks ago.
The new platform operates in real-time, all-the-time, to connect banks and stored-valued facility (SVF) operators, the HKMA said at the time. At launch, 21 banks including the majority of retail banks and 10 SVFs were participating in the system to provide the service to customers immediately.
Mastercard has filed a new patent for consumer protection and payment transactions based on blockchain technology, according to a US Patent and Trademark Office (USPTO) patent filing published July 17.
The new patent application includes a new form of a public blockchain-based method for linking assets between blockchain and fiat currency accounts.
Mastercard’s patent describes the method for “managing fractional reserves of blockchain currency” as storing fiat currency in one central account with a “blockchain currency” stored in a second. The system would include a “plurality of account profiles, each profile including a fiat currency amount, blockchain currency amount, account identifier, and address,” for identifying user accounts for transactions.
American Express is on the hunt for better ways of proving when transactions occur and a new patent filing suggests the financial services giant may be looking at blockchain as part of a possible solution.
In a patent application released by the U.S. Patent and Trademark Office last week, American Express Travel Related Services describes using a “blockchain-based system” in order to receive “payment confirmation including a transaction amount and a merchant identifier.”
The concept is aimed at adding to what AmEx calls the “limited” number of options for generating quality evidence that payments happen between merchants and their customers “beyond a receipt or ticket.
The Governor of the Bank of Thailand (BoT), said that the bank is considering blockchain technology for various applications during a speech at the the Bloomberg ASEAN Business Summit on July 12.
The central bank’s governor Dr. Veerathai Santiprabhob stated that the bank was specifically reviewing blockchain applications for cross-border payments, supply chain financing, and document authentication.
According to Dr. Santiprabhob, using blockchain for cross-border payments would “improve regional financial connectivity and facilitate smoother cross-border financial services.”
Financial services giant American Express (Amex) has filed a patent for a blockchain-based proof-of-payment system, according to filing published by the U.S. Patent and Trademark Office (USPTO) Thursday, July 12.
The patent’s applicant is listed as American Express Travel Related Services Co., Inc., Amex’s travel arm. The proposed system would automate proof-of-payments by encrypting payment payload data with a public key on an initial node of the blockchain –– the data in question comprising the merchant’s identifying information and the transaction amount.
According to the patent filing, the encrypted data could then securely be propagated to a second blockchain node. In one proposed embodiment of the system, the data could then be fetched by a connected smart device that would decrypt the payment payload data and match it with a second identifier, the customer.
A newly-published Western Union patent envisions a system that manages recurring transfer notifications and secure payments for a cryptocurrency network.
According to filing documents published by the U.S. Patent and Trademark Office on Thursday, the Englewood, CO-based firm — the largest money transfer service in the world — has sought to devise a method to increase the security of electronic payments. The firm first applied for the patent in Dec. 2016.
Among other things, Western Union‘s proposed system uses biometric verification such to ensure that senders authorize all transactions. This verification may come in the form of a fingerprint scan, a user voice sample, or a retinal scan.
The patent application indicates that the system has been designed as a general-purpose tool to accommodate most types of electronic network. However, the document specifically notes that “in certain embodiments” the “electronic transfer network may be a cryptocurrency network such as Bitcoin, Litecoin, or Peercoin (remember, the application was submitted in 2016).
P.S. Read more news in the new issue of our Rising Blockchain Magazine.