Sentences with phrase «utility settlement coin»

Just over a month ago Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street joined UBS and BNY Mellon in a project to launch a cryptocurrency — the «utility settlement coin» — set for a limited back - end run by 2018.

As such, it provides yet another way for the back offices of banks to use blockchain to enhance the speed and efficiency of settlement systems, with the utility settlement coin allowing banks to transfer value and assets without having to wait for long periods of time, as is currently the case with traditional methods.

Swiss global financial company UBS has led an initiative to create a «utility settlement coin» that would represent each major national currency.

Marco: Utility settlement coin (USC) is a project between a few of the world's largest banks so that they don't have to settle transactions....

The utility settlement coin is a «permissioned blockchain» similar to the Bankchainproject recently announced by Bitcoin exchange itBit.

The new virtual currency, dubbed «utility settlement coin,» would be used for post-trade settlements between financial institutions on private financial platforms built on blockchain technology.

Using the utility settlement coin or similar systems, financial institutions could settle trades in seconds rather than days, which could lead to reduced risk, lower operational costs, and increased efficiency.

Swiss bank UBS has initiated introducing a «utility settlement coin» for interbank payments and is joined by Deutsche Bank, Santander, BNY Mellon and the broker company ICAP to get support from central banks.