NEW YORK and UTRECHT, The Netherlands, September 29, 2016 /PRNewswire/ --
Preliminary tests using D+H's
global payments services hub prove that Rabobank can execute
payments across borders in near real-time using blockchain
technology.
DH Corporation (TSX: DH) ("D+H"), a leading provider of
technology solutions to financial institutions globally, and
Rabobank today announced the execution of a proof of concept that
has shown that D+H's payments services hub, together with Coin
Sciences' multichain blockchain solution, is able to execute
cross-border payments in near real-time for the bank, using
distributed ledger/blockchain technology.
The solution has been proven to successfully address three key
areas:
- Immediacy - The ability to complete end-to-end transactions in
near-real-time.
- Reachability - The ability to send funds to any of the bank's
closed user group members.
- Probability - The ability for both payer and payee bank to
agree to the payment before it is committed, preventing
non-settlements or rejections after payment processing.
Rabobank has been investigating blockchain since 2014 and sees
this technology as a game changer for many financial use cases. In
addition to cross-border payments, the bank is investigating the
use of blockchain for other ongoing projects, including payments
through the Internet of Things, Know-Your-Customer registration,
trade finance documents, and more. Rabobank is a partner of
blockchain accelerator Nexuslab, and works together with startups
and corporates to find new business models to ultimately improve
its customers' experience.
"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."
When D+H announced that its payment hub solution was adaptable
to blockchain technology in February
2016, it became the first technology vendor to apply
distributed ledger technology to a global payments services hub.
Financial institutions using D+H's payments hub will be able to
utilize a secure, closed loop distributed ledger system to connect
bank networks, move money in near real-time, and improve access to
liquidity. Using the solution, cross-border payments will benefit
from the immutability inherent in blockchain technology to ensure
security and reduce risk. D+H's blockchain capability is based on a
Closed User Group (CUG), pre-funded solution.
"Congratulations to Rabobank for undertaking this important
endeavor, and experimenting with blockchain to transform its
cross-border payments business," says Moti
Porath, Head, Product Management, Global Payments Solutions,
D+H. "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."
About D+H
D+H (TSX: DH) is a leading financial technology provider that the
world's financial institutions rely on every day to help them grow
and succeed. Our global payments, lending and financial solutions
are trusted by nearly 8,000 banks, specialty lenders, community
banks, credit unions, governments and corporations. Headquartered
in Toronto, Canada, D+H has more
than 5,500 employees worldwide who are passionate about partnering
with clients to create forward-thinking solutions that fit their
needs. With annual revenues in excess of $1.5 billion, D+H is recognized as one of the
world's top FinTech companies on IDC Financial Insights FinTech
Rankings and American Banker's FinTech Forward rankings. For more
information, visit dh.com.
About Rabobank Group
Rabobank is an international financial services provider operating
on the basis of cooperative principles. It offers retail banking,
wholesale banking, private banking, leasing and real estate
services. As a cooperative bank, Rabobank puts customers' interests
first in its services. Rabobank is committed to being a leading
customer-focused cooperative bank in the
Netherlands and a leading food and agri bank worldwide.
Rabobank employs approximately internal and external 50,000 people.
Rabobank Group is active in 40 countries.
For more information about the Rabobank Group go
to http://www.rabobank.com.
Patrick Kilhaney, Public &
Analyst Relations Manager, Global Payments Solutions, D+H,
+1-917-286-1053, patrick.kilhaney@dh.com; Cognito, +1-646-395-6304,
dh@cognitomedia.com; Margo van Wijgerden, Press Officer Rabobank,
+31-30-2160967, Margo.van.Wijgerden@Rabobank.nl