DekaBank, dwpbank, DZ Bank and Helaba Banks Successfully Test A New Promissory Note Blockchain Platform
The technology is always moving forward, so financial institutions cannot get behind the times. Recently, a group of four banks (DekaBank, DZ Bank, Dwpbank and Helaba) has decided to start a new blockchain-based initiative.
They have tested successfully a promissory note using the blockchain tech. During the transaction, they used a technology known as Finledger.
Helaba, one of the four banks involved in the project, has affirmed that the goal of the platform is to reduce the steps involved in the issuance of this note by at least half. This would considerably cut the costs associated with this kind of transactions, which could represent a significant economy in resources.
Another great example of what can be done with the help of this technology is that it can enable the banks to eliminate lenders that hold documents for borrowers in order to send valuables. This way, the risks can be cut down at the same time as the price of the operation.
Finledger Will The Used In The Entire Industry, The Banks Hope
The four banks were able to successfully try out their new product and now they hope to roll it out to other financial companies in the industry, too. The head of operations at DZ Bank, Peter Tenbohlen, affirmed that the digitization process has made a lot of progress recently and that there is now more demand for these services than they ever had before.
According to him, now the banks have used their own expertise in order to present a new kind of platform that will process most of the operations in an automatic and seamless way and that the clients of the new Finledger product will have many gains because of this.
In related news, Helaba, which was one of the four banks involved in the operation, has recently joined Marco Polo, a blockchain-based tech financial company.