Expertus, a Canada-based financial technology company, announced today that it has teamed up with distributed ledger technology provider Ripple in a pilot program for financial institutions which would examine the potential of blockchain and Ripple distributed financial technology.
The new pilot program hopes to help banks in testing blockchain technology with minimal process disruption and integration efforts. Without any changes, the solution can be integrated into the bank’s already existing payments infrastructure.
According to finextra.com, Jacques Leblanc, president of Expertus said, “By providing this pilot program, we intend to help financial institutions move fast in the assessment of this new technology without the operational risk of a large-scale IT overhaul.”
The integration of the technologies of the two companies will enable financial institutions to offer their clients real-time payment execution, complete transparency into fees and lower costs. According to Steve Mollenkamp, head of channel sales at Ripple, “Joining forces with partners like Expertus allows us to make it even easier for banks and their customers to realize the benefits of distributed financial technology.”
Further talking about the pilot program, Mollenkamp said that, “The newly launched pilot program will contribute to the growth of the Ripple network, enabling even more financial institutions to improve their cross-border payments.” The solution will be projected at EBAday forum to be held in Milan from June 7-8. Also, it will be showcased at the Canadian Payments Panorama conference from June 15-17 in Calgary, Alberta.
