BNP Paribas applies blockchain payments in real time

BNP Paribas, the French multinational bank and financial services company, announced today that it has processed several live payments for Panini Group, an international leader in collectibles and trading cards and Amcor, a global leader in packaging solutions, using blockchain technology. It processed and cleared for payments in various currencies between bank accounts located in Germany, the Netherlands and the United Kingdom.

The payments were fully processed and cleared in a few minutes, which BNP Paribas says highlights the real potential of this innovative technology which eliminates delays, unexpected fees and processing errors, paving the way for real time cash management.

"The payments were fully processed and cleared in a few minutes highlighting the real potential of this innovative technology which eliminates delays, unexpected fees and processing errors, paving the way for real time cash management," BNP Paribas said in a statement.

The project is part of the bank’s “Cash Without Borders” proof-of-concept (PoC) that was launched in 2016. In September, BNP Paribas went on the record about new products and services being co-developed with its long-standing corporate clients, using the distributed ledger technology (DLT).