Deloitte has been showing off the core banking potential of blockchain by integrating it with Temenos’ T24 platform.

Using Bluzelle Altitude Gateway technology the systems integrator, which has been a long-standing partner of Temenos, showcased how blockchain tech can be used to support processes in core banking systems.

The project was demonstrated last week at Temenos’ Community Forum in Barcelona, featuring a “full” integration between T24 and Ripple protocols.

“There is an enormous potential for banks to leverage disruptive technologies to make their existing payment processes faster, cheaper, and more secure,” says Patrick Laurent, Partner and Technology Leader at Deloitte.

“Innovative financial institutions are aware of this and are looking for ways to integrate their core systems with disruptive technologies such as distributed ledgers or blockchain.”

Canada and Singapore-based Bluzelle, which builds blockchain solutions, partnered with Deloitte to drive the project forward.

Ripple aims to reduce the time it takes to make payments in local or foreign currency, aiming for completely real-time transactions. The result would be reduced fees and liquidity costs, it believes.

Laurent adds: “Banks have undergone an important technological transformation over the past years. We are now seeing a disrupted marketplace with new market entrants and an array of innovative technologies.”

The integration is a “great translation” of Deloitte’s strategy, comments Eric Piscini, Global Blockchain Lead at the firm.

“Connecting the right blockchain-based solutions to core platforms is critical to harvest the benefits of distributed ledgers to generate cost efficiencies and new business opportunities.”

By Alex Hamilton

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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