One post tagged with "finance"

Inter-bank reconciliation is one of the most expensive, slow, and error-prone processes in finance. Banks maintain independent ledgers. At the end of each day (or each settlement cycle), they compare records to identify discrepancies. Differences must be investigated, resolved, and re-posted — a process that takes hours to days and costs the industry billions annually.

A permissioned blockchain shared between participating banks eliminates this reconciliation process entirely. Instead of each bank maintaining an independent ledger and reconciling after the fact, all banks share a single, cryptographic ledger that updates in real time.