Banks need to understand blockchain technology and explore its long-term benefits, according to the head of group payments and operations at the Bank of Ireland and chairman of the European Banking Association (EBA) working group.
Speaking at EBA 2015, a networking and research event which gathers European payment professionals, Vincent Brennan told Finextra:
During the interview, Brennan outlined the advantages of a decentralised ledger such as the blockchain in terms of foreign exchange remittances, faster payments and collateral management.
Notably, the EBA's report, released earlier this month, largely dismissed digital currencies such as bitcoin, but acknowledged its application was essential to gain a wider understanding of crypto technology.
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