Qatar Commercial Bank Uses Infosys’ Cloud Blockchain for Money Transfer Pilot

Commercial Bank, Qatar’s first private bank has announced the successful completion of an international money transfer pilot using a cloud-based blockchain developed by a subsidiary of Indian software giant Infosys.

Last month, Commercial Bank unveiled its blockchain pilot that saw the bank conduct trials on a blockchain grid shared by three partner banks from Turkey, Oman and the UAE. The initial pilot proved successful, offering real-time, bank-to-bank international transfers at markedly lower costs. The bank revealed that it would look to gain regulatory approval for its blockchain-based remittance service while targeting high-remittance corridors between the Middle-East and Asia.

In an announcement this week, it is revealed that the blockchain used was developed by Infosys Finacle, part of EdgeVerve Systems which is a wholly owned subsidiary of Indian IT giant Infosys. Infosys also laid claim to the successful completion of the pilot being the first ever instance of international remittances being processed on a cloud-based blockchain network.

An excerpt from the announcement added:

The network is built on an asset-agnostic cloud-based

Read more ... source: CryptoCoinsNews

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