Nasdaq and Citi Announce Pioneering Blockchain and Global Banking Integration
May 22 2017 - 8:30AM
Business Wire
Solution Leverages Chain’s Blockchain
Technology
Nasdaq, Inc. (Nasdaq:NDAQ) and Citi (NYSE:C) Treasury and Trade
Solutions announced today a new integrated payment solution that
enables straight through payment processing and automates
reconciliation by using a distributed ledger to record and transmit
payment instructions. A number of payment transactions have been
concluded including Citi’s automated processing of cross-border
payments via a link between the CitiConnect® for Blockchain
connectivity platform and the Linq Platform powered by the Nasdaq
Financial Framework. This collaboration has created a pioneering
institutional banking solution that tightly integrates blockchain
technology with Citi’s global financial network leveraging API
technology.
The partnership between Citi and Nasdaq leverages Chain’s
blockchain infrastructure platform and draws on core competencies
from industry leaders who are at the forefront of innovation in the
global financial sector. Emerging technologies like Distributed
Ledger Technology (“DLT”) are driving digitization and enabling new
platforms and blockchain ecosystems that can provide real-time
digital solutions. For example, this integration can allow
businesses such as Nasdaq Private Market to address the challenges
of liquidity in private securities by streamlining payment
transactions between multiple parties.
Key benefits that this integration can offer:
- A seamless end-to-end transactional
process for private company securities
- Direct access to global payments from
Nasdaq’s Linq platform using CitiConnect® for Blockchain and
WorldLink® Payment Services, Citi’s cross border, multicurrency
payments service.
- Increased operational efficiency and
ease of reconciliation with real-time visibility of payment
transactional activity on the blockchain ledger.
"This new payment capability marks a milestone in the global
financial sector and represents an important moment in the
commercial application of blockchain technology," said Adena
Friedman, CEO, Nasdaq. "Through this effective integration of
blockchain technology and global financial systems, we can realize
greater operational transparency and ease of reconciliation, which
can have profound implications for outdated administrative
functions in the capital markets. We are excited about this
accomplishment in collaboration with our partners, Citi and Chain,
and are looking forward to continuing our work together to scale
this offering."
Naveed Sultan, Citi’s Global Head of Treasury and Trade
Solutions Group said, “CitiConnect® for Blockchain provides a
crucial bridge between blockchain platforms and Citi’s global
financial network. Our partnership with Nasdaq showcases Citi’s
client-centric approach to innovation and is an example of how we
actively engage with our clients to co-create innovative, leading
and differentiated solutions for the global market.”
“Chain is delighted that our technology is supporting this
industry leading network. Through this effort, we have seen
firsthand that Citi and Nasdaq are pioneers, successfully
leveraging breakthrough technology in order to enable world-class
solutions for their clients” said Adam Ludwin, Chain’s CEO.
This solution leverages Nasdaq and Citi’s founding membership of
the IDEO CoLab in June 2015 to explore emerging technologies such
as blockchain. In September of that year, both Nasdaq and Citi
Ventures invested in Chain’s series B funding round with other
leading financial institutions.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading,
clearing, exchange technology, listing, information and public
company services. Through its diverse portfolio of solutions,
Nasdaq enables customers to plan, optimize and execute their
business vision with confidence, using proven technologies that
provide transparency and insight for navigating today's global
capital markets. As the creator of the world's first electronic
stock market, its technology powers more than 89 marketplaces in 50
countries, and 1 in 10 of the world's securities transactions.
Nasdaq is home to 3,800 total listings with a market value of $11
trillion. To learn more, visit: http://business.nasdaq.com
http://business.nasdaq.com/
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements
that are made under the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements about Nasdaq and its products
and offerings. We caution that these statements are not guarantees
of future performance. Actual results may differ materially from
those expressed or implied in the forward-looking statements.
Forward-looking statements involve a number of risks, uncertainties
or other factors beyond Nasdaq's control. These factors include,
but are not limited to factors detailed in Nasdaq's annual report
on Form 10-K, and periodic reports filed with the U.S. Securities
and Exchange Commission. We undertake no obligation to release
revisions to any forward-looking statements
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.Additional information may be found at
www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi
| Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi
| LinkedIn: www.linkedin.com/company/citi
Citi Treasury and Trade Solutions (TTS) enables our clients'
success by providing an integrated suite of innovative and tailored
cash management and trade finance services to multinational
corporations, financial institutions and public sector
organizations across the globe. Based on the foundation of the
industry's largest proprietary network with banking licenses in
over 90 countries and globally integrated technology platforms, TTS
continues to lead the way in offering the industry's most
comprehensive range of digitally enabled treasury, trade and
liquidity management solutions.
About Chain
Chain, Inc. (www.chain.com) is a technology company that
partners with leading organizations to build, deploy and operate
blockchain networks that enable breakthrough financial products and
services. Chain is the author of the Chain Protocol, which powers
the award-winning Chain Core blockchain platform. Chain was founded
in 2014 and has raised over $40MM in venture funding.
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version on businesswire.com: http://www.businesswire.com/news/home/20170522005658/en/
Media:NASDAQ:Stephanie Lowenthal, 646-441-5073
Stephanie.lowenthal@nasdaq.comCiti:Nina Das,
212-816-9267Nina.das@citi.comChain:Elizabeth Alinikoff,
415-598-0346Elizabeth@chain.com
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