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Citi partners IDB on blockchain-based cross-border payments trial

Editorial | what does this mean? This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Citi partners IDB on blockchain-based cross-border payments trial 4 hours ago 1 Citi Innovation Labs has teamed up with the Inter-American Development Bank (IDB) to test the use of blockchain technology and tokenised money to send payments from the US to Latin America and the Caribbean. The partners carried out what they call a successful proof-of-concept, using the LACChain Blockchain Network to send funds from the IDB headquarters in Washington DC to a recipient in the Dominican Republic.

United statesDominican republicIrene hofmanLacchain blockchain networkAmerican development bankCiti innovation labsInter american development bankLatin americaBlockchain networkஒன்றுபட்டது மாநிலங்களில்டொமினிகன் குடியரசுஅமெரிக்கன் வளர்ச்சி வங்கிசிட்டி கண்டுபிடிப்பு ஆய்வகங்கள்இடை அமெரிக்கன் வளர்ச்சி வங்கிலத்தீன் அமெரிக்காப்ளாக்சைன் வலைப்பின்னல்

Citi and IADB complete cross-border payment pilot with blockchain tech

News Banking giant Citigroup has successfully completed a proof-of-concept for blockchain-based cross-border payments in collaboration with the Inter-American Development Bank, or IADB. According to a Thursday announcement, Citigroup’s Citi Innovation Labs and the IADB enabled several disbursements from the United States to a recipient in the Dominican Republic, using the LACChain blockchain network a proprietary effort by IADB’s regional program LACChain. As part of the project, the IADB deposited tokenized funds denominated in U.S. dollars in a Citi account and transferred the funds using digital wallets, IADB’s blockchain specialist and LACChain technical leader Marcos Allende explained. “After tokenized, these funds were converted to local currency Dominican pesos with the exchange rate established by Citi,” he said.

United statesDominican republicMarcos allendeIrene hofmanAmerican development bankInter american development bankCiti innovation labsLatin americaLatin americanஒன்றுபட்டது மாநிலங்களில்டொமினிகன் குடியரசுமார்கோஸ் அலெண்டேஅமெரிக்கன் வளர்ச்சி வங்கிசிட்டி குழுமம்இடை அமெரிக்கன் வளர்ச்சி வங்கிசிட்டி கண்டுபிடிப்பு ஆய்வகங்கள்

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