The Royal Bank of Scotland (RBS) continues its forays into Blockchain implementation with a joint scheme with Deloitte and three Irish banks.
As reports local news resource The Irish Times, the Scottish institution is working with Ulster Bank, AIB and Permanent TSB to “explore new blockchain technology designed to improve the speed, resilience and security of the domestic payment systems.”
“Blockchain has the potential to disrupt multiple industries for the benefit of customers, and we’re determined to investigate how we can harness this for the financial sector,” Ulster Bank Chief Administrative Officer Ciarán Coyle told the publication.
Having previously announced support for Fintech startups in its native Edinburgh, the Irish scheme will see the RBS’ Emerald platform form the basis of enhancing transaction efficiency.
“When we saw that RBS had that capability, we decided to use the platform in the Republic,” Coyle added. “We looked at how we could prove it at an industry level and looked at doing collaboration at an industry level.”
The partnership also marks a further addition to Deloitte’s Blockchain activities, the global accounting giant already being involved with a wide range of investigative schemes worldwide.
“We believe blockchain adoption will happen more quickly than anticipated and without a proactive and well-adopted strategy, banks and insurers risk being locked out of potential innovations enabled by this technology,” Financial Services Leader David Dalton commented.