The ‘Big Four’ Bank ABN AMRO Launches Blockchain Bank Account

The ‘Big Four’ Bank ABN AMRO Launches Blockchain Bank Account

Blockchain
February 17, 2018 by Bitzamp
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The ‘Big Four’ Bank ABN AMRO Launches Blockchain Bank Account ABN AMRO, the Dutch ‘big four’ bank, has been sent to individual customers via blockchain as an alternative to escrow accounts. ABN AMRO is changing gear in its blockchain business. The Amsterdam-based banking giant is advertising to private customers in non-bank organizations with clients funds-
Bitzamp

The ‘Big Four’ Bank ABN AMRO Launches Blockchain Bank Account
ABN AMRO, the Dutch ‘big four’ bank, has been sent to individual customers via blockchain as an alternative to escrow accounts.
ABN AMRO is changing gear in its blockchain business. The Amsterdam-based banking giant is advertising to private customers in non-bank organizations with clients funds- stockbrokers, stock exchanges, etc. which will connect directly to a clearing bank via a blockchain. ABN Amro has 30 employees actively working in the proverbial kitchen to investigate blockchain applications.

Used by fund managers without a banking license, client escrow accounts transfer funds into these accounts before the organization gains access to capital. The new blockchain product effectively eliminates the need for an account with the transfer of funds in the organization and customers included in the payment process.

ABN AMRO which will reduce the administrative costs of the organization by eliminating blocked account management costs.
The Amsterdam-based FinTech exchange operator, Nxchange, will become the bank’s first customer to use bank accounts on the blockchain. The exchange, which allows direct trading of securities between companies and investors, begins to use the service this month.

ABN AMRO aims to raise the average energy performance of all the real estate it finances, as well as its own buildings, to energy label A by 2030. Commercial clients can now use the Sustainable Investment Tool to obtain free information and advice on how to make their properties more sustainable, and the bank will finance 100% of the investment.

“If you look at our vision of the blockchain, we want to separate bitcoin from blockchain.” Bitcoin a means of payment, and blockchain the technology behind it.
Kersten indicated that ABN is investigating issues related to trade finance and banking transactions, and commenting on blockchain smart deals can be applied to these areas.


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