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Blockchain is a web-based transaction-processing and settlement
system, whose efficiency banks say could slash costs. It creates
a "golden record" of any given set of data that is automatically
replicated for all parties in a secure network, eliminating any
need for third-party verification.
BNP Paribas said it had processed and cleared payments in
various currencies between BNP Paribas bank accounts located in
Germany, the Netherlands and the United Kingdom for its clients
Panini Group - an Italian card collections producer - and
Australian packaging company Amcor.
"The payments were fully processed and cleared in a few minutes
highlighting the real potential of this innovative technology
which eliminates delays, unexpected fees and processing errors,
paving the way for real time cash management," BNP Paribas said
in a statement.
In October, Commonwealth Bank of Australia and Wells Fargo said
that the first cross-border transaction between banks using
multiple blockchain applications had taken place, resulting in a
shipment of cotton to China from the United States.
(Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta)
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