Cross-Border Payments from US to Latin America with EOSIO-Based LACChain
Citi Innovation Labs created together with the Inter-American Development Ban (IDB) a proof-of-concept for a project to send cross-border payments using LACChain's EOSIO blockchain. This once again demonstrates the technological superiority of the EOSIO blockchain.
LACChain is an initiative of (Inter-American Development Bank) IDB Lab, to promote the use of the blockchain in Latin American and the Caribbean countries. The presentation of this initiative took place at the FOROMIC 2018 conference and lately saw Block.One as a new partner.
The proof-of-concept featured a transaction from the United States to countries in Latin America and the Caribbean. Basically, the transferred funds were first deposited into a Citi account, to be simultaneously tokenized and transferred into a digital wallet into Dominican pesos at an exchange rate set by Citi.
This initial solution demonstrates how blockchain can improve cross-border payments, and could be a perfect tool to support vulnerable groups.
“For the proof of concept, the IDB deposited funds denominated in dollars in a Citi account, which were hold, tokenized, and transferred using digital wallets. After tokenized, these funds were converted to local currency -Dominican pesos- with the exchange rate established by Citi. Exchange rates, payment status, and fees were traceable and transparent at all times as the transaction could be checked in the LACChain Blockchain” - Marcos Allende, IDB Specialist in Blockchain and Technical Leader of LACChain
Sources:
- IDB and CITI Innovation Labs achieve cross-border payments over blockchain
- Citi Completes Cross-Border Payments Pilot Using EOSIO-Based LACChain
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