RBC experimenting with blockchain to move Canada-US payments

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According to Reuters, RBC is experimenting with blockchain to help move payments between its US and Canadian banks.

The bank is working with distributed ledger technology to improve the speed of payments and lower costs.

“We wanted to set it up as a shadow ledger so that we can demonstrate our leadership in exploiting that technology, while at the same time recognizing that the technology is still early in its adoption phase,” Martin Wildberger, RBC’s executive vice president for innovation and technology, told Reuters.

The bank developed the system over the past six months at an RBC blockchain technology centre in Toronto, deploying software developed by hyperledger. The technology was integrated into RBC’s existing systems several weeks ago as a shadow to RBC’s primary ledger, allowing the bank to monitor payments between the US and Canada in real-time.