Wells Fargo will use the blockchain private Croda to speed up international transactions between their branches. To do this, they built a platform based on Corda called the Wells Fargo Digital Cash. As announced on the company itself through a press release published this Tuesday the 17th of September.In the press release, Wells Fargo explains that use this mechanism for cross-border payments between international departments of the institution itself, seeking to streamline the process for internal transactions.The press release anticipates that planned to launch its currency is anchored in the year 2020. However, do not provide any tentative date for starting the pilot plan to use Wells Fargo’s Digital Cash.The statement itself explains that they will begin shipments of funds in u.s. dollars to start the pilot plan. Then, the text states, they hope to enable other coins to fiat for transactions between its subsidiaries. They point also to the inclusion of all its branches in the world.According to the head of the Innovation Group of the bank, Lisa Frazier, the current world presents a “growing demand to reduce the friction with respect to the traditional boundaries”. In this regard, it considered that the use of a blockchain can solve the problem.Equally, it found that Wells Fargo Digital Cash can potentially help to remove “barriers to financial interactions in real time between multiple accounts in multiple markets around the world.”A representative of the entity, cited by half The Block, he made an emphasis on to note that this is not a stablecoin or criptomoneda, but “a service settlement internal […] that supports currency fiat tokenizada”, something like the use of RippleNet on the part of banking entities or the services of international payments without the use of cryptocurrencies.According to a report by the journalist Ian Allison quoted by Coindesk, the platform Wells Fargo is built on the commercial version of the R3 platform from Corda for the development of solutions for various industries with blockchain.
Wells Fargo and their attempts with blockchains
Wells Fargo bank had already been exploring earlier, the ecosystem of blockchains. In 2016, participated in a round of funding that raised up to USD 18.000.000 for the startup of solutions with blockchain for the financial sector Axoni. In that same round, participated by other entities, such as J. P. Morgan and Goldman Sachs.Then, Wells Fargo joined a group of banks to support the initiative of Swift, transnational financial communications, try using a blockchain for optimizing international payments.From the year 2015, because Wells Fargo had joined the consortium of banks promoted from the platform of R3. On that list are other banking institutions of reputation, such as Goldman Sachs, J. P. Morgan, Deutsche Bank, Barclays or Credit Suisse.