Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Do Banks Even Want to Go Blockchain?
Cointelegraph | Stephen O'Neal | June 23, 2018
On June 18, Carlos Torres, CEO of Spanish bank BBVA, declared that blockchain is “not mature” and faces major challenges. During the past month, blockchain’s effectiveness and maturity were also questioned by players as big as the Bank of Canada (BoC), the Russian Central Bank, and DNB, the Central Bank of the Netherlands.
While blockchain can indeed improve the effectiveness of cross-border payments and cut the costs by eliminating the middleman, it hasn’t yet proven itself as a tool ready for industrial-scale use. What’s more important is that some of the banks might not be happy to give up those juicy margin fees.
Ripple’s attempts to modify the system
Ripple, a California-based payment network and protocol company, was established in 2012. Essentially, it focuses on facilitating transfers between major financial corporations.
See: University of Waterloo joins Ripple’s $64 million CAD blockchain research initiative
Ripple is not quite your average cryptocurrency — some argue it’s not a cryptocurrency at all. First of all, it doesn’t champion the dreams of overthrowing the government along with the banking system. Oppositely, it chose to work with mainstream financial players from the very start. As Brad Garlinghouse, CEO of Ripple, told Cointelegraph:
We were from the beginning really looking at how we work with governments, how we work with banks. And I think some in the crypto community have been very much, “How do we destroy the government. How do we circumvent banks?”
Garlinghouse believes that governments aren’t going anywhere, saying, “In my lifetime, I don’t think that’s happening,” so it’s only logical to cooperate with them and work within the existing regulatory framework. That attitude helped Ripple to land crucial partnerships with important players, including, China-based payment services provider Lian-Lian, the Saudi Arabian Monetary Authority, WesternUnion, among others.
Santander’s experience
In April, Spanish-based international bank Santander announced the launch of its Ripple-powered, blockchain-based payment network called One Pay FX, becoming the world’s first bank to do so.
One Pay FX is a mobile application for cross-border payments backed by Ripple’s blockchain. It’s based on xCurrent technology — not the above mentioned xRapid — which doesn’t cut out the corresponding bank from the entire process, thus not quite changing the conventional system, but rather modifying it.
In other words, xCurrent uses immutable “interledger” protocol, which “is not a distributed ledger,” as confirmed by David Schwartz, Ripple chief cryptographer. In xCurrent’s case, the network peers do not have access to a shared ledger, which is the basis of major blockchain networks like Ethereum (ETH) or Hyperledger. However, xCurrent technology allegedly allows to “eventually plug” cross-border transactions into distributed ledgers.
Other startups trying to disrupt the banking system
On May 21, Argentinian Banco Masventas (BMV) announced a partnership with Bitex, a local fintech startup founded in 2014 with a focus on “developing the Bitcoin market in Latin America.” Now, BMV clients can use Bitcoin for international payments as an alternative to conventional ways.
As a result, the bank states, the customers get to transfer money from account to account in less time than traditional bank transfers: BMV states that the new service will reduce transfer times by up to 24 hours.
José Humberto Dakak, a principal shareholder of Masventas, said that the move intends to strengthen the bank’s digital and smartphone-based services and reduce banking service costs. In addition to expediting transfers, Bitex claims that it can provide more secure transactions.
Moreover, there’s Wyre, a San Francisco fintech startup whose self-titled cross-border payments platform alleged in 2016 to make international payments faster and more cost effective by putting them on a blockchain. In addition, Red Belly Blockchain — a project run by researchers at the University of Sydney — has been developing new blockchain technology for secure and rapid transfers of virtual currencies that have allegedly outrun Visa and Bitcoin network with “more than 440,000 transactions per second on 100 machines." However, these startups don’t deal the existing banking system, per se, essentially trying to substitute it instead.
See: Bank of Canada, TMX say blockchain feasible for securities settlement
Finally, there are big league players experimenting with blockchain as well: In February 2018, J.P. Morgan (JPM), whose CEO has infamously called Bitcoin a fraud, launched the blockchain-powered Interbank Information Network (IIN) in collaboration with the Royal Bank of Canada along with Australia and New Zealand Banking Group Limited. The platform, which is based on the bank's private Quorom blockchain, allows JPMorgan to exchange information with other banks and “minimize friction in the global payments process,” speed up the process and improve security, according to the bank.
Moreover, IBM has announced a blockchain banking solution that aims to cut the settlement time and costs of international payments; and MasterCard (MA) has introduced its own blockchain technology for partner banks and merchants.
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Funding | Nov 27, 2023 Victoria-based Payments fintech, Peloton Technologies, successfully closes a $2 million late seed funding round to simplify payment processes for Small and Medium-Sized Enterprises (SMEs) in Canada. Highlights The $2 million investment round, led by a group of undisclosed investors with expertise in payments, banking, and risk management, reflects strong confidence in Peloton's business model and growth potential. Peloton's platform is distinguished by its ability to integrate multiple payment methods across various financial institutions, offering a comprehensive and unified payments platform that is scalable and adaptable, growing alongside businesses. ISOs (Independent Sales Organizations): They provide a customizable and white-labeled solution for ISOs, ensuring a unified approach to payment processing. Merchants: The platform offers all the necessary tools for merchants to support their business growth. CEO/CFO Solution: This solution is tailored to maximize the benefits of corporate rewards cards for high-level executives. See: CB Insights Global Fintech Q3 2023 & Canada Spotlight The Pacific Economic Development Agency of Canada declared a substantial investment in July 2023. This initiative, part of the Business Scale-Up and Productivity Program, led to Peloton Technologies receiving a notable $1.5 million funding, marking it as the highest-funded FinTech by PacifiCan. Building on this ...
Crowdfunding | Nov 24, 2023 The Kickstarter campaign for the Cascade Pro | Trackable Performance Wallets by MANI WONDERS is an exciting development in the world of personal accessories. This product is designed to offer both style and functionality, making it an ideal choice for those who appreciate efficiency and security in their everyday carry items. Here's a brief overview of the Cascade Pro wallet: RFID Secure Wallet: The Cascade Pro wallet comes with RFID blocking technology, ensuring your cards are protected from unauthorized scanning and fraud. Quick-Access Card Ejection: This feature allows for easy access to your cards, making transactions faster and more convenient. Hideaway Money Clip: The wallet includes a hideaway money clip for those who prefer to carry cash, providing a secure and discreet way to hold bills. Detachable Cover: For days when you need to carry more, the wallet comes with a detachable cover, offering flexibility and additional space. Loss Prevention Tracker: One of the standout features of the Cascade Pro is its trackable technology, which helps in preventing loss or theft of the wallet. The campaign is based in Toronto, Canada, and has set a funding goal of CA$ 20,000. It operates on an "all ...
Regulation | Nov 24, 2023 UK's Approach to CBDCs and Privacy On November 7, 2023, a question raised in the UK Parliament by Mr. David Davis, a Conservative MP, brought to light the critical issue of privacy in the context of a UK CBDC. The response from Andrew Griffith, also a Conservative MP, emphasized the UK Government's commitment to ensuring rigorous standards of privacy and data protection in the design of a digital pound. Notably, the government assures that neither it nor the Bank of England would have access to personal data or insights into consumer spending habits. A recent development in the UK Parliament highlights the growing concern and attention towards the privacy implications of these digital currencies. As Canada's fintech community closely monitors global trends, the discussion around the UK's potential digital pound offers valuable insights. Implications for Fintechs and Canada For fintech companies and stakeholders in Canada, the UK's stance on privacy in the realm of digital currencies is both a benchmark and a learning opportunity. It highlights the importance of balancing innovation with consumer rights, particularly in a domain as sensitive as financial transactions. The UK's consultative approach, involving feedback from February to June 2023, also ...
Payments Regulation | Nov 24, 2023 The final regulations for the Retail Payment Activities Act (RPAA) have been published in the Canada Gazette, Part II. These regulations help clarify the details of the legislation and outline the intentions of the law. Payment service providers (PSPs) will be required to register with the Bank of Canada starting on November 1, 2024. The Bank’s related supervisory requirements will follow in September 2025. More information is now available. More resources: Canada’s New Retail Payment Regulations: Registration and Compliance Summary: This article explores Canada's Retail Payment Activities Framework, impacting PSPs in 2024. It discusses compliance, exemptions, and its effect on the fintech sector. Published: Nov 16, 2023 Read more Preparing for Retail Payment Act Changes Summary: Discusses the final regulations under the Retail Payment Activities Act in Canada, expected to be published in the Canada Gazette II, and the significant changes and preparations in retail payments supervision. Read more Regulatory Consultation (Feedback by March 28, 2023): Retail Payment Activities Act (RPAA) Summary: Covers the Department of Finance Canada’s proposed regulations on the RPAA, published for public comment, and the importance of the public comment period. Read more McCarthy Tetrault: Fintech Regulatory Developments: 2021 Year ...
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, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers 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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