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:
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.”
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