Blockchain Daily News - ICO, STO, TAO, Blockchain
Blockchain Dail Blockchain Dail

New payment solution with blockchain technology

SEB has signed an agreement with Ripple, a San Francisco based fintech company, to use their blockchain technology solution as a basis for payment transactions. The first step will be to enable customers to make real-time transfers between SEB accounts in Stockholm and New York.

“This is a way to explore the potential of new technologies and an example of how we, by working with innovative technology companies, can be even more relevant to our customers,” says Paula da Silva, head of Transaction Services at SEB.

Blockchain technology means that all parties involved in a transaction share an identical copy of a common ledger. A transaction is recorded instantaneously in both the sender’s and recipient's version of the shared document. The transaction is encrypted and cannot be manipulated. It takes place in real time and there is no need for intermediaries.
Closed blockchain

The new partnership will enable SEB to pilot the blockchain flavour developed by US fintech company Ripple. SEB has verified that the solution is compatible with the bank's infrastructure and work is now underway to build a complete payment solution

“By using Ripple's distributed financial technology, our customers can initiate real-time transfers between their SEB accounts in Sweden and the bank’s branch in New York,” says Paula da Silva.

The first customer transactions are planned for next year, and will offer customers real-time transfers with later cut-off times than today.

“In the next step, we plan to expand the solution to include all geographies and time zones in which we operate".
Partnerships and standard

The first step, is an internal blockchain within SEB. In the future it is likely that networks with partner banks using the same technology will appear. Together they can build interledger connections for secure real-time payments.

“We face huge leaps in technology and many players compete to create standards that enable global solutions. It is not possible to predict who will be successful and therefore we have to experiment and try different solutions”.
Other initiatives

Since last year, SEB is part of the Distributed Ledger Group, where some 50 international banks have joined forces in a partnership to develop common standards for the distributed ledger technology.

In August SEB, through its venture capital unit, also made an investment in Coinfiy, a Danish fintech company, which develops solutions for blockchain payments.


Les médias du groupe Finyear

Lisez gratuitement :


Le quotidien Blockchain Daily News :
- Blockchain Daily News

Sa newsletter quotidienne :
- Blockchain Daily News Newsletter
Recevez chaque matin par mail la newsletter Blockchain daily News, une sélection quotidienne des meilleures infos et expertises en Blockchain révolution.

Sa lettre mensuelle digitale :
- The Chief Blockchain Officer


Le quotidien Finyear :
- Finyear Quotidien

Sa newsletter quotidienne :
- Finyear Newsletter
Recevez chaque matin par mail la newsletter Finyear, une sélection quotidienne des meilleures infos et expertises en Finance innovation & Digital transformation.

Ses 5 lettres mensuelles digitales :
- Le Directeur Financier
- Le Trésorier
- Le Credit Manager
- The Chief FinTech Officer
- The Chief Digital Officer

Finyear magazine trimestriel digital :
- Finyear Magazine

Un seul formulaire d'abonnement pour choisir de recevoir un ou plusieurs médias Finyear

Mercredi 9 Novembre 2016