Citi Innovation Labs and The Inter-American Development Bank (IDB) have trialled cross-border payments from the US to Latin America and the Caribbean using blockchain and tokenised money.
The LACChain Blockchain Network enabled several disbursements from the IDB Headquarters in Washington D.C. to a recipient in the Dominican Republic.
The blockchain-powered payments provide traceability of transactions, exchange rates, and fees.
“For the proof of concept, the IDB deposited funds denominated in dollars in a Citi account, which were held, tokenised, and transferred using digital wallets. After they were tokenised, these funds were converted to local currency -Dominican pesos- with the exchange rate established by Citi,” said Marcos Allende, IDB Specialist in blockchain and technical leader of LACChain. “Exchange rates, payment status, and fees were traceable and transparent at all times as the transaction could be checked in the LACChain Blockchain.”
Piotr Marciszewski, the project coordinator from Citi, said: “…we have learned a lot in this joint effort with the IDB about the use of blockchain technology for cross- border payments. We have demonstrated that it is possible to connect the LACChain Network with the WordLink APIs and leverage the benefits of blockchain technology”.
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