This test, using private Blockchain technology, will make it possible to conduct credit transfers between two countries in just a few minutes. The process, which includes a foreign exchange transaction, is handled directly from the customer’s smartphone.
Using this private Blockchain technology, developed by California fintech Ripple, customers can:
- Settle transfers in local currencies, directly from bank to bank,
- Settle transactions in real time,
- Keep a time-stamped, unfalsifiable record available in real time,
- Ensure transparency and cut down on transfer costs (exchange rates).
The test, which will last 6 months, is run by Crédit Agricole Payment Services. It will cover salary transfers in Swiss francs for some cross-border customers, between regional bank Crédit Agricole des Savoie and Swiss bank Crédit Agricole Next Bank.
Crédit Agricole Payment Services and Ripple will present the stakes and challenges of the test at the Paris Fintech Forum on 30 January 2018 in Paris.
Some informations about Crédit Agricole
France’s “green bank” was nicknamed for its roots in agriculture. Crédit Agricole, composed of the Caisse Nationale de Crédit Agricole and 90 regional banks, which together own 90% of the Caisse Nationale, is a unique cooperative organization and one of the most important banking groups in France.
Principal Subsidiaries:Union d’Études et d’Investissements; Unicredit (98.7%); Sopagri (52.8%); Unimmo France (99.6%); Unidev; Sofipar (52.6%); Ucabail; Segespar; Segespar-Titres (50%); Predica (48%); Unibanque; Sogequip; Cedicam (50%).