Irish Banks to Test New Blockchain-Based Interbank Payment System

Irish lenders Allied Irish Banks, Ulster Bank and Permanent TSB have teamed up with global consultancy Deloitte to work on a pilot program that will leverage blockchain technology to increase the speed and security for the country’s domestic interbank payments.

The collaborative project carries the name Project GreenPay and will use technology developed by Ulster Bank’s parent company, Royal Bank of Scotland (RBS).

The payments platform being trialed is called Emerald. RBS’s Emerald platform, which was built on top of the Ethereum blockchain, has already been tested in the Dublin-based startup hub Dogpatch Labs, where participating banks have been conducting dummy payments among themselves to test the blockchain-based system for performance, stability and accuracy. The platform is able to acknowledge payments in less than 10 seconds while processing large transaction volumes.

The distributed ledger technology pioneered by Bitcoin allows transactions to be recorded and shared with permissioned members on a distributed ledger, enabling payments to be processed in a more secure and efficient manner.

“[The blockchain is] essentially a software that provides a way of recording transactions in a trustworthy way. It has the potential to disrupt multiple industries for the benefit of customers,

Read more ... source: Bitcoin Magazine

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