RBS links up with Irish blockchain payments project

Like Tweet Pin it Share Share Email
Royal Bank of Scotland is to collaborate with Deloitte and a group of Irish banks to explore the use of blockchain technology in an effort to improve payments systems.

The state-backed lender said its Ulster Bank arm is leading the industry initiative, dubbed Project GreenPay, which will use RBS’s Emerald platform.

Blockchain, a digital system for proving ownership of assets, is predicted to dramatically change industries such as the banking sector.

Technology and innovation experts from RBS, Ulster Bank, AIB, Permanent TSB and Deloitte have been testing the system at the Dogpatch Labs technology hub in Dublin by passing “dummy” payments to each other to test for performance, accuracy and scalability. Their next step is to run a pilot using live payments and explore further uses of the technology in the international payments and foreign exchange space.

Richard Crook, head of innovation engineering at 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.”

Ulster Bank’s chief administrative officer, Ciarán Coyle, said that blockchain has the potential to “disrupt multiple industries for the benefit of customers”, and the lender was focusing on collaboration in areas such as this to “help the industry make banking simpler.”

David Dalton, Deloitte’s financial services leader in Ireland, added: “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.”

Blockchain adoption will happen more quickly than anticipated. Click To Tweet
Along with the financial services sector, blockchain has the potental to be rolled out to other walks of life, such as securing health records or registering property sales, according to Peter Ferry, co-founder and commercial director of Edinburgh-based fintech start-up Wallet.Services.

He said: “We believe that in the next three to five years it’s going to touch many aspects of business, government and society in ways that will make quite profound changes.”

Source: One Stop Brokers

Join us here at Practice Builder Publishing and become a part of the community, whether you become a contributing author, a peer recruiter, or merely a raving devotee of the Practice Builder Publishing resources, I'll work with you personally so you can reach the goals you set.

Best to you and yours,




P.S. Think I'm full of B.S.? Maybe you ought to let me know what you think. Plop your comments in the section down below the related articles and let me know what you think.!

P.P.S. Got questions about products and services I talk about, the terms of service, privacy nd all that stuff related to Practice Builder Publishing? Click Here to read the fine print.

Join over a half dozen accounting practitioners like yourself that like us on Facebook, plus join over 7 fast growing practitioners by joining our private Practice Builder Publishing Facebook Members Group! (Like those numbers? I just made them up. The group is small, but the advice is huge. Join now, while you can get in for free.)
Share your experiences, and pick our brains.


Get Into Tax Representation NOW!

I would love to see you build a great Tax Practice, building a strong client base by helping troubled taxpayers solve their problems with the IRS.

I want you to become a part of the Practice Builder Publishing network, and I want to work with you personally to reach maximum profit potential this year! Nothing I teach or help you with damage your credibility. It will simply get you more clients and help you make more money.

If you stop searching for the next magic trick, the perfect software, the "shiny object" that's going to do all the work for you (note: it doesn't exist)- and just focus on building & serving your market - you'll actually start seeing GREAT results. FAST.

Get started building your practice by learning how actual practitioners build their business marketing tax representation services, and start building it FAST, by clicking on the link below. Click the button below and find out more!

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.