Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Reuters | Staff | May 11, 2018
TORONTO (Reuters) - Canada’s central bank, Toronto Stock Exchange operator TMX Group (X.TO), and non-profit organization Payments Canada said on Friday that tests had shown blockchain technology can be used for automating instantaneous securities settlements.
The three organizations said that they had developed an integrated securities and payment settlement platform using a distributed ledger, the same technology that underpins cryptocurrencies like bitcoin, and found that cash and assets can be tokenized to complete an instant settlement.
“This shows that it is possible to deliver payments in a way that has never been done before – by directly swapping cash from buyers to sellers, resulting in instant settlements,” said Gerry Gaetz, president and CEO of Payments Canada, the body which ensures financial transactions in Canada are carried out securely.
However, Bank of Canada Senior Special Director Scott Hendry told a payments conference in Toronto on Thursday it was not yet clear if the use of blockchain technologies to settle securities transactions would lead to cost savings.
“We’re still uncertain after doing this work that there are significant savings possible for participants,” he said. “It’s not clear that all the participant dealers and banks are going to get a significant benefit out of this settlement system.”
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to over 1700+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org
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