US FinTech firm Quisk has implemented the use of blockchain technology to improve data security for merchant settlement, core banking reconciliation, and cross-border remittances for the company’s financial institution customers.

Based in Silicon Valley, Quisk is a secure digitised cash payment network for banks and financial institutions around the world. Founded in 2007, the firm now has offices in Dubai and Hyderabad, India.

Through the implementation of blockchain technology, Quisk will now store all transaction ledgers on a blockchain accessible by its banking customers. These banks will be able to seamlessly access transaction details from their backend operations, including merchant settlement and core banking reconciliation.

Praveen Arnancherla, chief technology officer at Quisk, noted: “We are excited to be leveraging the tremendous power of blockchain technology to propagate trust among our customer banks. This technology eliminates barriers, giving banks the ability to easily and securely access their transaction data.

“From here-on, blockchain will drive the Quisk Data APIs for our bank customers, supplementing Quisk’s Payment Services APIs. Quisk believes that blockchain is the ’next Internet’ for the financial industry, and the tools to retrieve data from blockchain will soon be as ubiquitous as web browsers.”

Steve Novak, CEO of Quisk, added: “Most remittances involve multiple parties, and are slow and expensive. Blockchain provides a means by which we can streamline the process, thereby making these transactions faster and cheaper for the parties involved. Unlike Bitcoin based transactions, the Quisk blockchain will facilitate cross-border remittances in a regulated environment.”

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