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Deloitte announces cross-border payments platform

Deloitte announces cross-border payments platform

(6 July 2016 – Global) Professional services firm, Deloitte partnered with the Stellar network to build a cross-border payments application.

Launched in New York in May 2016, the Deloitte Digital Bank is now available to power instant payments across borders.

According to Deloitte, it has developed an offering to serve two customer segments: consumers and businesses.

Some of the working prototypes already developed allow consumers use a custom built mobile application (available on Apple’s mobile platform, iOS). With the mobile app, users create an account by scanning their driver’s license and can make instant peer-to-peer payments.

Businesses access the Digital Banking platform through a web portal. The B2B product supports all of the features business payments require, including invoice tracking and reference numbers.

All transactions resolve in around 5 seconds.

“Banks are eager to replace the legacy systems.” said Thomas Jankovich, Principal at Deloitte.

“With all of the friction involved in sending payments we can erase those pain point.”

“We’ve seen interest from the top United States banks, and interest abroad,” said Jankovich.

Deloitte estimates that they will have multiple projects in flight with various financial institutions by this time next year.

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