Wells Fargo will use Corda blockchain for transactions between its branches
Wells Fargo will use Croda’s private blockchain to accelerate international transactions between its branches. To do this, they built a Corda-based platform called Wells Fargo Digital Cash. This was announced by the entity itself through a press release published on Tuesday, September 17.
In the press release, Wells Fargo explains that they will use this mechanism for cross-border payments between international departments of the entity, seeking to expedite this process for internal transactions.
The press release anticipates that they plan to launch their anchored currency in the year 2020. However, they do not provide any tentative date to begin with the pilot plan to use Wells Fargo Digital Cash.
The statement does explain that they will begin sending funds in US dollars at the start of the pilot plan. Then, the text says, they hope to enable other fiat currencies for transactions between their subsidiaries. They also point to the inclusion of all its branches in the world.
According to the head of the Innovation Group of the banking entity, Lisa Frazier, the world today presents a “growing demand to reduce friction with respect to traditional borders.” In this regard, he considered that the use of a blockchain can solve the problem.
Likewise, he considered that Wells Fargo Digital Cash can potentially help eliminate “barriers to real-time financial interactions between multiple accounts in multiple markets around the world.”
A representative of the entity, quoted by The Block, emphasized that it is not a stablecoin or cryptocurrency, but “an internal settlement service that […] that admits tokenized fiat currency”, something like the use of RippleNet by banks or international payment services without the use of cryptocurrencies.
According to a report by journalist Ian Allison quoted by Coindesk, the Wells Fargo platform is built on the commercial version of R3, Corda’s platform for developing solutions for various blockchain industries.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.