Cantilan Bank Inc. of Surigao del Sur, PR Savings Bank, City Savings Bank, FairBank, and Progressive Bank will pilot i2i Project. This project is spearheaded by Union Bank and Consensys, a blockchain software technology company based in the US.
The five banks based in Mindanao received an approval from Bangko Sentral ng Pilipinas (BSP) to be a part of the Project i2i pilot run.
i2i aims to bring the rural banks, and therefore, the unbanked Filipinos into the country’s financial circle.
Dr. Justo Ortiz, Union Bank’s chairman added that using the blockchain will help rural banks spearhead financial inclusivity in the areas they serve.
Cantilan Bank, Inc.’s Executive Vice President, Ms. Tanya Hotchkiss shared that they were on a lookout for a fast bank-to-bank transfer system as the current system takes time. She stated that the old system takes a day to a month to finish and requires five departments with five employees to finish 26 processes. With the i2i Project, the process is cut to five, the automatic reconciliation and bank verification are finished in five minutes, and from five people it can be reduced to one or two.
Union Bank and Consensys’s i2i Project uses the Kaleido platform that runs on the ethereum network. It implements the blockchain in a more accessible way for enterprises to use without losing its level of robustness, security, and performance.
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