Built using open-source technology maintained by the Hyperledger blockchain consortium, the new system was deployed about a week ago as an underlying layer to RBCs existing payments system.
Martin Wildberger, RBCs executive vice president, told Reuters that what he called the shadow ledger allows the bank to monitor payments in real time as they pass between US and Canadian banks, with the further benefits of simplifying transactions and lowering costs.
The trial, which was developed over the past six months at the RBC blockchain development lab in Toronto, allows the bank to explore the potential of the tech without fully replacing the existing system.
RBC is also exploring blockchain in other capacities. Wildberger confirmed to Reuters that the bank was experimenting with use cases such as consumer rewards and loyalty offerings.
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