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South Africa’s Standard Bank has said it will incorporate blockchain solution to ease foreign exchange payments for its importer clients.
According to Richard de Roos, head of foreign exchange for Standard Bank, the platform is meant to boost the security of documents related to trades and payments.
“Problems in the making foreign exchange payments are most commonly encountered in the first mile, so the bank decided to build a blockchain around what doesn’t work,” he said.
The blockchain platform will also provide an independent and much safer cloud-hosted record of all documents and steps, instantly available in real time to all parties involved.
The platform will be cloud-based and built on the Hyperledger Fabric blockchain platform which is compatible with the bank’s existing foreign currency trading application, dubbed Shyft.
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