Reports have surfaced that IOV labs – the Blockchain solutions firm – has developed a proof of concept for a Blockchain supported clearing system. The project is now undergoing testing, which is being carried out by the Argentinian Central Bank (BCRA). The BCRA will need to approve this system before it’s to be used by the financial institutions.
The system was designed to streamline payments, rendering them more efficient, while increasing transaction traceability as it makes its way to the intended destination.
He remarked especially now faced by a global pandemic there was a need to fill the gap with tech to better serve their people:
“WE NEED NOW MORE THAN EVER TO USE TECHNOLOGY IN ORDER TO OPTIMIZE PROCESSES AND PROVIDE BETTER SERVICES TO OUR CITIZENS.”
