Monday March 01, 2021
Bitcoin (BTC) $47,682.00   Ether (ETH) $1,517.25
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Crypto Payments

Netki and Bitt go live with digitization platform for Caribbean central banks

Published by CryptoNinjas.net
05/23/2017

Netki, a provider of Open Source and Open Standards compliance solutions for blockchains, along with Bitt announced today the first production platform for central banks using its Digital Identity Service. Bitt is the architect of blockchain and distributed ledger based technology infrastructure for interbank transactions and cash digitization systems for central banks.

Bitt and Netki provide the solution through a blockchain-based central bank digital currency issuance that has the potential to modernize the financial system of the Caribbean region, thereby ushering in the establishment of a stronger payment and settlement framework with unprecedented levels of economic growth.

Gabriel Abed, CEO of Bitt commented:

“Bitt joined forces with Netki as part of our ongoing initiative to bolster compliance efforts and provide an effective means for all people, including underbanked individuals to engage in the global economy through digital payments that are low cost, secure, easy to use and highly efficient.”

Oliver Gale, President of Bitt stated:

“Correspondent banks have de-risked some local Caribbean banks based on perceived higher risk and lower returns. This prevents these local Caribbean banks from having access to foreign markets and also hurts merchants and customers who are unable to access foreign banks and financial institutions.”

Across more than 7000 islands, the Caribbean has 13 sovereign island nations and 12 dependent territories, most with their own financial system and currency. To try and stabilize their independent currencies, a number of local currencies are pegged to the US dollar or Euro.

Many Caribbean nations are still struggling with low economic growth, the effects of de-risking by US correspondent banks and the high cost of compliance. Central bank digital currency issuance is a viable solution to solve a number of problems in the payments system today. With both Bitt and Netki working together, central banks in their role as regulators and banks will have all the necessary identity information required for transactions. This will lower risk levels and increase the ease of doing business.

Justin Newton, CEO of Netki said:

“For new innovation, inclusion and value creation to happen on the blockchain, financial institutions must meet risk and compliance regulations, which Netki provides through its Digital Identity Service. With a digital identity standard in place, financial institutions can realize the benefits of blockchain, expand their service offerings and market coverage.”

The Netki Digital Identity Solution manages the onboarding process through identification, know your customer requirements and compliance. Netki issues certificates for communication between peers using the BIP75 protocol where identities are exchanged meeting risk and compliance regulations. Additionally, the Netki solution streamlines the onboarding of new customers, merchants and banks to use this process.

9
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Netki extends TransactID solution For FATF "Travel Rule" Compliance
Featured

Netki extends TransactID solution for FATF “Travel Rule” compliance

09/09/2019
Bitt Babados Blockchain
Regulation

Barbados approves blockchain fintech company Bitt for regulation

07/15/2019
haiti
Blockchain Technology

Bitt presents blockchain digital currency to Central Bank of the Republic of Haiti

06/25/2019
Eastern Caribbean Central Bank piloting blockchain-based digital currency
Distributed Ledger Technology

Eastern Caribbean Central Bank piloting blockchain-based digital currency

03/06/2019
Blockchain data network Shyft partners with Bitt to secure transactions for the Caribbean
Blockchain Technology

Blockchain data network Shyft partners with Bitt to secure transactions for the Caribbean

12/03/2018
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Glow programming language brings smart contract simplicity to Cardano

Glow programming language brings smart contract simplicity to Cardano

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Anchorage raises $80M Series C, led by GIC, Singapore's sovereign wealth fund

Anchorage raises $80M Series C, led by GIC, Singapore’s sovereign wealth fund

02/25/2021
Tendermint invests in Tgrade to bolster Cosmos' growing DeFi ecosystem

Tendermint invests in Tgrade to bolster Cosmos’ growing DeFi ecosystem

02/24/2021
Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

02/27/2021
SmartKey to integrate with GeoDB to build the blockchain-based data ecosystem

SmartKey to integrate with GeoDB to develop blockchain-based data ecosystem

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
Bitcoin exchange Xcoins receives In-Principle Approval for Malta's VFA license

Bitcoin exchange Xcoins receives In-Principle Approval for Malta’s VFA license

02/26/2021
Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

02/26/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version