SEB to Build Blockchain Channel Between New York and Stockholm

The blockchain service aims to go live sometime in 2017, according to SEB's head of transaction services.

AccessTimeIconNov 7, 2016 at 12:20 p.m. UTC
Updated Apr 10, 2024 at 2:52 a.m. UTC
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Swedish bank SEB will soon enable customers to make real-time transfers between accounts in Stockholm and New York.

The new feature will be built using technology provided by distributed ledger startup Ripple, a San Francisco startup that specializes in enterprise cross-border applications. SEB said it plans to make the service live next year, which an eye for larger expansion thereafter.

In statements, Paula da Silva, head of Transaction Services at SEB, expressed a desire to build connections with other banks and financial institutions as it seeks to use the technology more broadly in its operations.

Da Silva said:

"In the next step, we plan to expand the solution to include all geographies and time zones in which we operate."

While notable, Ripple is not the only startup in the industry backed by SEB. The Swedish bank also revealed it had invested $4m in bitcoin payment processor Coinify in August as part of its blockchain interest.

At the time, representatives for the company told CoinDesk it had made the investment as part of a bid to explore the technology and embrace the possibilities of innovation.

Pipeline image via Shutterstock

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