In a partnership with R3, Accenture plans to create a blockchain-based settlement system that will empower faster, more efficient, reliable and secure payments, according to an Oct. 24 news release.
Accenture will leverage blockchain technology, to settle payments between banks and customers in real time. Traditionally, settlements for payments can be cumbersome, with the processing time taking multiple days.
The companies will use currency tokens to facilitate the settlements. By using a currency token instead of a digital currency, there will be added security and authenticity through the use of cryptography.
“Because the current payment settlement infrastructure is highly complex and fragmented, real-time gross settlement systems that leverage distributed ledger technology and cryptographically secure tokenized payments can help central banks improve efficiency and security,” said John Velissarios, managing director and global blockchain technology lead at Accenture.
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