Simplified Blockchain Technology is Assisting in Bring Banks out of the Stone Age
Treasury Prime aims to bring U.S. banks out of the stone age by presenting automation through APIs. It seems that they internally utilize rudimentary blockchain technology to manage their compliance efforts.
The company concentrates on connecting fintechs and banks “the most comprehensive banking API ever.” Treasury Prime CEO Chris Dean said in a statement that U.S. banks are way behind the curve, technologically talking: “The interesting thing here is that in the U.S., the banking system is 50 years behind. And all we’re trying to do is move that up 20 or 30 years.”
The company serves various cryptocurrency businesses, and although Treasury Prime does not segregate against such companies, they agree that finding a U.S. bank willing to accept these clients is not easy, “We will work with anyone; we’re a technology provider. The banks will not certainly work with anyone. So you can pay the bank like some of our banks are North America only, another bank has restrictions on who they’ll deal with. But probably there are 5,000 banks in the U.S., so there’s a lot of variables here.”
Blockchain is convincing to regulators.
The company utilizes a stripped-down version of Hyperledger Fabric, which they state has been very impressive to regulators through the stress tests, “They pick out individual accounts, and they say: ‘Tell me about this account. Prove to me that the balance is correct and prove to me that none of this is money laundering’, and the way we do that is we say: ‘Well, here is the list of transactions, and here’s how you know. The transactions about it.’ Because everyone is signed and points to the previous [transaction].”
Interestingly, the company does not consider blockchain on its website.
Dean thinks that Treasury Prime has a lot to contribute to crypto businesses, which are used in blockchain automation. When they deal with the legacy systems of the U.S. banks, he states it is like going back in time.
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