The R3 blockchain consortium, along with 22 of the top banks worldwide, has created a new international payments system for banking.
The system, which utilizes blockchain technology, enables banks to transact “all existing central bank currencies,” according to a report by Reuters.
The system was built with R3’s distributed ledger technology platform, Corda, and could also be used by banks to send digital currencies, including bank-issued digital currencies, as opposed to decentralized alternatives like bitcoin and ether.
Banks that are participating in the development project include Barclays, French corporate bank Natixis, and the German Commerzbank.