A press statement from IDB indicates that the project carried out alongside Citi Innovation Labs powered cross-border payments from the U.S. to countries in Latin America and the Caribbean. The project also used tokenized money that guarantees complete traceability of transactions, exchange rates, and fees. The system uses the LACChian Blockchain Network with payments sent from IDB offices in Washington D.C. to Dominican Republic recipients. IDB blockchain specialists and Technical Leader of LACChain Network Marcos Allende explains how the transaction occurred. According to Allende: Furthermore, Piotr Marciszewski from Citi said it is possible to connect LACChain Network with WordLink APIs while leveraging blockchain technology.
IDB to keep exploring innovative technologies
The project leader from IDB’s Treasury, Rubén Gutierrez, stated that consequently, exploring innovative technologies is now at the bank’s core. Additionally, participants in the project note that vulnerable groups can benefit from timely remittances. In general, the test explored opportunities and challenges faced by financial institutions in rolling out cross-border payments using blockchain technology.
