Royal Bank of Canada to use blockchain technology for US transferals

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The Royal Bank of Canada is currently testing blockchain technology to facilitate payments and the transferal of funds between it’s US and Canadian banks.

RBC’s executive vice president stated the use of distributed ledger technology (DLT) would be an extremely beneficial move for the bank. Doing so would improve payment speed, as well as reducing complications and lowering associated transfer costs.

The bank has developing the system for the majority of this year at an RBC blockchain technology centre in Toronto, deploying software developed by an open-source blockchain syndicate known as Hyperledger.