The bank transferred AUD 10 using Ripple’s ledger technology payment from an employee’s account to another banking employee account at the Canadian Imperial Bank of Commerce (CIBC). The transfer took 10 seconds to process and settle. It is believed that IBM also participated in the experiment, presumably in providing the software and cloud infrastructure, according to CryptoCoinsNews.
Recently NAB, along with CIBC, Toronto-based and Bank Leumi, Israel’s biggest bank have formed an alliance and agreed to the sharing innovation strategies and information among themselves as a means to co-developing new features to streamline banking.
The partnership might influence blockchain adoption in the banks’ markets, particularly in Australia and Israel. The NAB and Bank Leumi are the largest small and medium enterprise (SME) banks in their respective countries, which represents plenty of potential for increased usage of distributed ledger technology, the site continues.
The National Australia Bank is also a part of the R3 private banking consortium that explores and deploys blockchain technology for the financial services industry.
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