Philippines’ UnionBank Successfully Finishes The Testing Of Its New Blockchain Remittance Platform
- The new platform will allow Filipino workers living abroad to transfer money to their families without having to pay exorbitant processing/tx charges.
- The new remittance service makes use of Union Bank’s i2i protocol as well as a liquidity solution called ‘Adhara’.
According to a press release issued earlier today by Philippines-based UnionBank, the financial institution has just completed the testing of its new blockchain pilot platform that will be used to facilitate cross-border remittances between Philippines and Singapore. To be a bit more specific, we have learned that this latest tech development became possible only after Union Bank entered into a partnership with Singapore-based OCBC Bank.
Also, it is worth mentioning that the above stated pilot program makes use of a payments/liquidity platform called Adhara as well as UnionBank-UBX's very own ‘i2i protocol’.
Other Key Details Worth Pointing Out
As per details available online, UnionBank completed its first cross border tx through the use of a blockchain-based tokenized fiat asset (that was used to transfer money to a local Cantilan Bank account).
By making use of this service, millions of Filipino workers based abroad will be able to send their families money in a highly streamlined manner.
Melchor Plabasan, an executive working for Bangko Sentral ng Pilipinas, stated in a recent interview that as blockchain technology continues to flourish and grow across the globe, more and more people will continue to make use of such novel payment gateways.
In closing out this piece, it should be pointed out that Arvie de Vera, Senior VP at UnionBank, was recently quoted as saying that through the use of the i2i protocol, rural bank operators will now be able to receive “direct-to-account remittances”. Not only that, using this novel platform, rural masses will also be able to gain access to universal banking services.