Culture and Talent

People you should know: The blockchain whizzes in banking

  • Blockchain technology can allow for faster, cheaper and more secure transactions, applications that could change banking.
  • Although the technology is still maturing, bankers are exploring how it can transform back office processes, payments and securities trading.
close

Email a Friend

People you should know: The blockchain whizzes in banking

Much has been said blockchain’s ability to transform finance — particularly its potential to allow for faster, cheaper and more secure transactions. The ability for participants to transact without the need for an intermediary offers many efficiencies for financial services companies, with applications in payments, securities trading and insurance.

The technology is still maturing, and banks are treading carefully. A recent survey from Accenture found that nine in ten bank executives are exploring the use of blockchain, but it also highlights that banks still need  to build the infrastructure — and to make it work collaboration is important: “We all need to agree what a transaction should look like for the plumbing to do its job efficiently,” said one executive quoted in the study. Still, bankers are are actively working on blockchain solutions, particularly in back-office areas. Here’s who you need to know.
amberbaldet_720 copy-2
Amber Baldet
heads up JPMorgan’s Blockchain Center of Excellence, which works with different business lines to create solutions that use distributed ledger technology. The team is working to “both drive down costs and create next-generation marketplaces for digital assets,” said Baldet. She helped set up the Enterprise Ethereum Alliance (EEA), a consortium of tech and financial services companies working on blockchain, and is leading the development of Quorum, the bank’s smart contract platform.

lior-bw
Lior Glass is a principal blockchain business expert at BNY Mellon’s Emerging Business & Technology Group. He works on predicting and managing the impact of blockchain technologies on BNY Mellon businesses as a result of the change in how custody is defined and executed in the age of distributed ledger technology.

hadley-bw
Hadley Stern is responsible for running Fidelity’s Bitcoin, Blockchain and Digital Currency Incubator, with a focus on creating new disruptive products and services. Fidelity has built proofs of concept for bitcoin micro transactions, set up a small bitcoin and ethereum mining operation in the spirit of learning. It’s partnered with bitcoin wallet Coinbase to allow clients to contribute bitcoin to there donor advised funds accounts.

peter-bw

Peter Stephens is head of blockchain and UK Innovation at UBS. “This appointment will ensure consistency of our blockchain strategy and a smooth transition in the approach of the next phase of our blockchain based business development activity,” the bank said in a statement following his appointment last November.

venturobw

 

Dominic Venturo, chief innovation officer at U.S. Bank, is looking at future solutions enabled by blockchain. One banking area he sees could be he sees as a good fit for blockchain is syndicated loans, due to the volume of data, contract and approvals that haven’t been have not been automated, he told Banking Exchange last year. Though encouraged by blockchain’s possibilities, he suggested in the same interview that it probably won’t solve all of bankers’ pain points. “It’s difficult to see how a technology, by itself, replaces all of the functions provided by banks.”

faura-bw
Julio Faura is head of research and development at Santander’s innovation division. He leads Santander’s activities around crypto-currencies, blockchain and distributed ledgers. He implements blockchain platforms for real time-international payments, capital markets, digital identity, and others. “In banks, it’s very difficult to innovate,” he told an audience at MIT Sloan School of Management. “Now we have a way to represent money on a distributed ledger. It’s like a natural extension of the core banking system but suddenly very cheap. Also it’s safe because of cryptography. It’s a big thing.”

imageedit_2_2159819476
Bruno d’Illiers 
is COO of BNP Paribas North America. He oversees the company’s innovation lab in New York, a 5,000-square-foot facility that includes blockchain technology as one of its focus areas. He told American Banker last year that he believes distributed ledgers will “shape the future of the banking industry. BNP Paribas has been active in testing the technology’s application to banking, including blockchain-powered securities platform and payment processing systems.

 

 

0 comments on “People you should know: The blockchain whizzes in banking”

Day in the Life

A tale of two phones: A day in the life of Ankur Sinha, CTO of Remitly

  • Ankur Sinha is CTO of Remitly, a fintech company focused on international transfers.
  • But for Ankur, being tech-focused doesn’t mean losing sight of the customer – or missing out on family time. With an early start and a steady routine, here’s how he makes it work.
Rivka Abramson | November 08, 2022
Day in the Life

On rising early and finding time to hear the train go by: A day in the life of Deque Systems’ Patrick Sturdivant

  • Patrick Sturdivant is the vp and chief strategy consultant at Deque Systems, which helps FIs build accessible products.
  • Along with ensuring more companies prioritize accessibility standards during his workday, Patrick is building a house that will sound and feel pretty while also being ADA compliant.
Rabab Ahsan | October 11, 2022
Day in the Life

‘You improvise your way through the day’: A day in the life of Rachel Anderika, chief risk officer at Anchorage Digital Bank

  • As chief risk officer for Anchorage Digital Bank, Rachel Anderika is the one the company calls on to make the big decisions.
  • From navigating an unpredictable work schedule to getting her three-year-old son to eat a bagel, here’s a day in her life.
Rivka Abramson | September 21, 2022
Day in the Life

‘It’s about balancing things’: A day in the life of Bar Geron, CEO and co-founder of Balance

  • Bar Geron is the CEO and co-founder of Balance, a B2B payments platform that brings a consumer-like checkout experience to businesses.
  • From practicing meditation to learning how to play piano, Geron has found his own way of keeping his day structured.
Rivka Abramson | August 16, 2022
Day in the Life

‘The spirit of productivity can still hit me in the evening’: A day in the life of Jon Xu, founder of FutureAdvisor

  • Jon Xu is an investor and startup advisor who serves on the board of directors at Wahed Invest.
  • Parenthood may have turned Xu into a morning person, but the old night owl in him can still sometimes resurface, keeping no two days the same.
Rivka Abramson | July 29, 2022
More Articles