In today’s top news in digital-first banking, Mizuho Bank, JCB and Fujitsu will pilot a blockchain-based identification system, while BBVA participated in an instant payments experimental effort in the U.K. Plus, The Libra Association has named a former HSBC executive as Libra Networks’ new chief financial officer and chief risk officer.
Three major Japanese players in banking, payments and technology will conduct a joint experimental effort to sell how effectively a new blockchain-based identify verification system runs throughout firms and sectors. Mizuho Bank and JCB are joining Fujitsu in piloting real-time applications of the system, while 100 Fujitsu staffers will harness the system to engage in transactions for a forecasted four months.
BBVA took part in an experimental payment initiative to link the SWIFT gpi with the U.K.’s nationwide instant payment infrastructure, and the results were displayed at the Sibos conference. The BBVA Group participated in the pilot along with five financial institutions (FIs) in Europe, North America and the Asia Pacific, to test the linkage of SWIFT gpi with The Faster Payments Scheme (FPS).
The Libra Association has appointed ex-HSBC executive Ian Jenkins as Libra Networks’ chief financial officer (CFO) and chief risk officer (CRO). Libra Networks, a Libra Association subsidiary, will manage Libra’s payment system. Jenkins served as head of business finance and group general manager for HSBC in the past. The executive has also held COO, CRO and CFO positions at Santander, Credit Suisse and HSBC.
European Central Bank President Christine Lagarde is vowing to ride to the rescue with a significant economic stimulus package if it proves necessary as Europe prepares for a second wave of the coronavirus. The official told CNBC’s Geoff Cutmore that the bank is ready to draw upon “the many weapons we have available,” with the inclusion of asset purchase initiatives, forward guidance and interest rates.