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Multi-billion dollar financial services corporation D+H successfully tested its proof-of-concept Blockchain with Dutch company Rabobank.
Multi-billion dollar financial services corporation D+H states that its development team successfully tested its proof-of-concept Blockchain with Dutch financial company Rabobank.
Netherlands-based Rabobank, which has an annual revenue of nearly US$15 billion dollars, collaborated with D+H in running the company’s first preliminary tests with Coin Sciences’ proof-of-concept multi chain Blockchain solution.
Rabobank and D+H claim to have acquired the evidence needed to prove that their Blockchain solution is able to process cross-border payments in real-time. The two giants in global financial markets are convinced that the transparency and speed of its Blockchain network will be beneficial to most leading banks in the financial sector.
"Rabobank has been able to validate the processing of Blockchain payments in its own environment," says Heimen Schuring, Head of Channel Support & Payment Engine, Rabobank. "We have seen meaningful results that tell us that further exploration of Blockchain functionality is worthwhile."
Although the two corporations are yet to release full details of their tests, Rabobank states that their successfully tested Blockchain solution will be able to serve financial service providers with trillion dollars in trading volume in executing instantaneous and low-fee transactions.
More importantly, the bank suggests the formation of a closed group or committee of banks and financial service providers to utilize its Blockchain solution in sending each other transactions or assets through a Blockchain network.
Since its exploitation of the Blockchain technology in 2014, the collaborative project between Rabobank and D+H is the firm’s first complete testing of the Blockchain technology. While the company understands that its Blockchain solution will need to enhance banking operations, it also recognizes that the consumers must benefit from a more efficient and scalable financial network.
Throughout the testing, development and deployment phases, D+H will continue to guide Rabobank in implementing its Blockchain solution and network.
"Leveraging D+H's global payments hub solution, the bank recognizes that cross-border payments can be made in a more efficient way, and that D+H can execute payments across borders in near real-time, with certainty and convenience,” said Moti Porath, Head, Product Management, Global Payments Solutions, D+H.
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