Global Investment bank Credit Suisse and Portuguese Banco Best have successfully completed end-to-end fund transactions on blockchain. The bank announced the news in a press release on February 7, saying that the test demonstrates the potential blockchain has in banking.
According to the release, every part of the transaction – from the delivery of the order to the processing of the trade – was processed by implementing a blockchain-based decentralized platform, FundsDLT. The platform was designed to reduce trade processing time and maximize the bank’s efficiency when delivering orders.
Lisbon-based Banco Best developed a dedicated application to collect client experiences and was tasked with integrating the Application Programming Interface (API).
Carlos Almeida, Director of Investments at the Portuguese bank, called the proof of concept a great achievement and said it reinforced Banco Best’s commitment to “be ahead of the curve.”
Credit Suisse has had its eye on blockchain for quite some time, as it became the first bank to conduct a live transaction of $30 million in securities on blockchain consortium R3’s Corda Blockchain platform. The bank then cooperated with Dutch-based ING financial service, setting a precedent for other banks entering the blockchain space.