Citi Completes Cross-Border Payments Pilot Using LACChain

The innovation arm of multinational finance giant Citi has wrapped a proof-of-concept project with the Inter-American Development Bank (IDB) to send cross-border payments on a blockchain.

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According to an announcement Thursday, the project used the LACChain Blockchain Network to power payments from the IDB’s headquarters in Washington, D.C., to a recipient in the Dominican Republic.
LACChain runs on EOSIO and recently enlisted Block.one, the firm that raised $4 billion to build the software in 2018, as a partner.
Funds were deposited in dollars in a Citi account, tokenized and transferred using digital wallets before being transferred into Dominican pesos at an exchange rate set by Citi.
The IADB believes this project demonstrates how blockchain technology can improve the process of cross-border payments in development assistance and international remittances.
Projects of this nature are becoming fairly commonplace in the payments sector. The central banks of Hong Kong, Thailand, China and UAE recently joined forces on a project to use blockchain technology for regional payments.

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