Canadian Bank to Use DLT to Simplify Complex Banking Transactions

written by

Canadian Bank to Use DLT to Simplify Complex Banking Transactions

Support free journalists: > send a tip

The National Bank of Canada is aiming to use blockchain technology to simplify complex banking problems like issuing transactions according to a press release. The bank has formed a partnership with business consultants CGI and blockchain startup Skuchain to leverage smart contracts feature and replace the lengthy email-based features that are being used currently.

The blockchain solution will rely on CGI’s Trade360 trade finance software while smart contract creation system will be provided by Skuchain and based on its Brackets blockchain platform. According to the press release, the new approach will help reduce processing times and strengthen customer relationships of the bank in the future. Overall, the process is expected to become a lot less cumbersome and negotiating letters of credit will become easier.

According to Patrice Roy, Vice President of Payments, Cash Management and International Solution at the Bank of Canada:

“This will enable us to offer a simple, fast and efficient experience to our commercial clients which facilitate managing their business.”

This is not the first blockchain-based partnership announcement by the NBC. Earlier this year, the bank became one of the first banks to test JPMorgan’s Quorum blockchain platform that is focused on the creation of financial instruments. NBC spokesmen have also declared that blockchain technology will have the potential to bring major change in the financial industry in the near future.

Follow on Twitter: @BitcoinNewsCom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy:

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Latest on Bitcoin News