NAB completes successful international money transfer using blockchain
Bank transfer in seconds – from Australia to Canada via Ripple tech
National Australia Bank (NAB) says it has successfully transferred AU$10 ($7.6) – using blockchain – from Australia to Canada.
The proof-of-concept (PoC) transfer was made from a NAB’s employee account to another account at CIBC in Canada. It took ten seconds to process.
Earlier this year, Canada’s ATB Financial sent €666.67 to ReiseBank in Germany using Ripple technology, with the transaction completing in eight seconds.
NAB and CIBC also used Ripple to carry out the task. IBM and Intellect Design Arena participated in the project too.
NAB Lab’s executive general manager, Jonathan Davey, describes the project as “an important piece of work”.
“We believe that the technology has the potential to not only deliver real-time international payments, but also improved security and efficiency of our payments systems,” he says.
NAB is working with CIBC and also Bank Leumi to develop the initiative further. The three banks have recently gone on the record about their collaborative efforts in pursuit of innovation.
NAB is also nearing completion of its mammoth core banking software overhaul.
