ING joins project to create blockchain-based USC
ING has confirmed that it has joined the utility settlement coin (USC) project, which aims to develop a more efficient blockchain-based payment mechanism, reports Jane Connolly.
The token can be used for payments and transmitting transaction data.
Set up by UBS in 2015, the project focuses on cutting the costs, time and risk involved for international transfers.
The bitcoin-like token, which can be used for payments and to transmit all transaction data, will reflect foreign exchange rates and enable immediate payments.
ING is one of 14 banks that have contributed a total of £50 million in capital to new London-based company Fnality International, which will lead the initiative.
“We see that tokenisation of assets and the use of distributed ledger technology offer huge potential for our industry,” says Annerie Vreugdenhil, head of wholesale banking innovation at ING.
“With Fnality we are setting the standard in the financial market infrastructure of tomorrow. Our collective goal is to make settlement processes as easy as possible and we are very excited to be part of this industry-wide effort.”
Initially, the USC system will work with US dollars, Canadian dollars, pounds, euros and yen.
