Caxton, a UK-based provider of foreign exchange, international payments and prepaid card services, has announced the launch of blockchain technology, which will provide its clients cheaper, faster and more secure payments by providing trusted and regulated currencies and banking systems.
The firm attached a private blockchain overlay to its banking platform. Caxton said that this will enable its clients to directly access its preferential banking rates and existing regulatory arrangements. In addition, it will also reduce their servicing costs and increase their speed to market with new products and services.
“There’s so much talk in the industry about the benefits of blockchain, but so little of it is accessible to businesses today. It seems that you’ve either got to trust in cryptocurrencies or wait until a mega-deal is struck between the major banks. Both of which could take decades to come into fruition”, Rupert Lee-Browne, founder and CEO, Caxton, said. “Therefore we’re incredibly excited to offer our clients the opportunity to plug into our multi-currency banking system directly via a private blockchain.”
According to the official release, the offer will be particularly helpful to e-commerce businesses looking to execute payments in multiple currencies, app developers in need of a regulated partner to handle their transactions, or a bank that needs an out-of-the box multicurrency bank platform.
“This offer will be particularly exciting for our client’s CTOs. This technology strips out the need for an API, meaning everything is under their control. There’s no need for them to waste time and money, installing and maintaining an API”, Russell Stather, CTO, Caxton, said.
