RBS and Deloitte join forces for industry collaboration on Blockchain payments solution

The cross-bank team has specifically concentrated on enhancements to speed, resilience and security for customers and has brought forward an enhanced potential alternative platform for domestic payments.

Technology and innovation experts from RBS, Ulster Bank, AIB, PTSB and Deloitte have tested this technology in Dogpatch Labs in Dublin by passing dummy payments to each other to test for performance, accuracy and scalability.

The collaborative team were able to successfully send and receive simulated payment files to each other.

The next step is to run a live pilot using live payments, in collaboration with AIB, PTSB and Deloitte, and explore further use cases of the technology in the international payments and foreign exchange space.

Ciarán Coyle, chief administrative officer with Ulster Bank, said: “Ulster Bank saw the opportunity to use RBS’s Emerald platform to approach potential industry-wide issues.

“We then discussed it with our partners to explore how we could collaborate to find an industry solution. Blockchain has the potential to disrupt multiple industries for the benefit of customers, and we’re determined to investigate how we can harness this force for the financial sector.

“RBS has done a lot of work in this space with their partners through Emerald and it was opportune for us to join with AIB, PTSB and Deloitte to examine possible improvements for our customers. We are focused on open collaboration like this project to help the industry make banking simpler and more secure for our customers.”

Richard Crook, head of innovation engineering, RBS, said: “The Emerald platform marks a significant advancement in blockchain technology for customers. It’s blockchain in a way that can be used to benefit customers across the banking industry, not just blockchain concept or theory. RBS developed Emerald as a new way of clearing and settling payments and it made sense for Ulster Bank to take this forward, with industry-wide collaboration in Ireland on GreenPay. We’re delighted to support that and further prove that blockchain can be used to better serve customers.”

Toby Clements, group chief operating officer, PTSB, said: “We see strong, open collaboration between peer banks as vital to offering customers the very best banking experience and are pleased to be working with Ulster Bank, AIB, Deloitte and RBS to explore new technologies and find better ways to protect and serve banking customers in Ireland.”

David Dalton, Deloitte Financial Services Leader, said: “We are delighted to work with Ulster Bank, AIB and PTSB on this pioneering application of Blockchain technology and leverage our EMEA Blockchain Lab in Dublin. We believe that Blockchain adoption will happen more quickly than anticipated and without a proactive and well adopted strategy, banks and insurers risk being locked out of potential innovations enabled by this technology. This is a great example of leading in this area.”