Deloitte, one of the largest purveyors of professional services in the world, has integrated with the Stellar network to build a revolutionary cross-border payments application.
Launched at the Consensus conference in New York in May 2016, the Deloitte Digital Bank is now available to power instant payments across borders.
The Accelerators: Banking for the 21st Century
Deloitte 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 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.
The Market: Removing Friction for Banks
“Banks are eager to replace the legacy systems.” said Thomas Jankovich, Principal at Deloitte. “With all of the friction involved in sending payments—3-7 days to resolve transactions, high fees—we can erase those pain points using cutting-edge technology now.”
Deloitte has emerged as one of the key leaders in adopting blockchain technologies and sees Stellar as a key part their Digital Banking transformation solution set.
“We’ve seen interest from the top United States banks, and interest abroad,” said Jankovich. By this time next year, Deloitte estimates that they will have multiple projects in flight with various financial institutions.
With a global team focused on Digital Banking transformation, Deloitte will spend 2016 investing in relationships with financial institutions around the Digital Bank offering.
2016: More Partnerships, Increased Reach
“We’re excited a team with such prestige and expansive reach has integrated with Stellar,” said Jed McCaleb, cofounder and CTO of Stellar.org.
In keeping with the Stellar.org roadmap, Stellar.org will continue to help consulting firms and financial institutions solve big problems.
To find out how the Stellar network can decrease your organization’s costs and increase reach, please contact [email protected].