Blockchain solution for international transfers
The South Korean KB Kookmin Bank is working on a blockchain solution for international transfers, to provide safer and faster cross-border transactions. The commercial bank is cooperating with the Bitcoin Startup CoinPplug so that it can use its patents for the project.
In a commentary explains the KB Kookmin Bank that currently overseas remittances are executed via SWIFT system, which are reimbursed only at a correspondent bank sends before it reaches the receiving institution. In contrast, the blockchain technology avoids the route via middlemen, resulting in cost reduction and savings for the customer, the bank announced.
In the same announcement Kookmin announced that it also plans to offer a “Overseas fund transfers and data saving service”, which can be used for verification for online account opening. This new offering is also based on a decentralized account technology, the bank said. View of the company, the project shows a change in the attitude of Korea`s Financial Service Committee, which has released the online verification for this purpose. The new strategy aims to promote from online financial services and finance startups.
Coinplug supplied Korea with a variety of bitcoin services, like in-store card systems and the acquisition of digital currencies to normal ATM. The company has in several financing rounds over 8 million US dollars, since the end of 2013, collected.by