Mr George Harrap, CEO and co-founder of Bitspark, a Hong Kong based
blockchain remittance platform, introduced the Eurogiro audience to block-
chain and its potential for the financial industry, referring to the Economist
describing blockchain as ‘the truth machine’.
Key advantages of blockchain were
outlined as:
•
It was an immutable ledger, with a decentral-
ised infrastructure that has no single point of
failure
•
Every transaction is cryptographically signed,
so it is easily auditable and verifiable
•
Proof of a ‘Chain of custody’ for anything
Mr Harrap suggested that Eurogiro could take advantage of blockchain
technology by introducing a blockchain based authenticity layer between
Eurogiro intermediaries. Thereby Eurogiro would achieve benefits such as
real-time immutable audit trail, compliance docu-
ments (metadata) attached to individual transac-
tions, digital customer IDs, automated KYC / AML
processing, tracking of customer behavior, open
API and instant settlement via blockchain token.
Bitspark is in itself proof of concept, in production
since 2014. Enthusiastic supporters are keen to
prove blockchain’s usefulness to drive value for
the unbanked.
3
“We offer a fresh perspective” summed up the
message of Ms Daria Rippingale from BillPro.
Ms Rippingale was this year’s key-note speaker,
and one from a group of ‘Millenium’ speakers
from young and fast growing tech companies who
wooed the postal organisations to collaborate.
According to Ms Rippingale, the Post Offices have
a significant advantage over fintech players with
their existing customer base and trusted brand.
Fintechs, such as BillPro, could fill the gap that is
opening in a rapidly changing market where banks are closing branch-
es. Fintech services often offer all channels to clients, as well as end-to-
end processing, including clearing and settlement and connections to
various eco-systems.
Fintechs are usually customer focused, have
a modern payment system platform and, even
more importantly, they have a new mentality.
They understand that ‘convenience is king’ and
utilise the latest technology very agilely to adapt
to changes in customer demands. Their decisions
are based on Big Data, and they do not shy away
from using artificial intelligence or robots.
Ms Rippingale concluded that in a setting where
the fintech offers ‘banking in a box’ and the Post
Office in-sources services, maintenance, development, training of staff
and so on, both parties stand to win. Post Offices would be independent
of banks and they would deploy the newest services without having to
invest in their development.
3
Blockchain – ‘The Truth Machine’
Fintechs invite Post Offices to collaborate
payments to a virtual current account or debit
card, to hold money in multiple currencies and
spend them using a connected pre-paid debit
card and make cross border payments seam-
lessly through their account. The service also
includes features such as bill payments, finan-
cial stats and history. Rewire has positioned
itself as a leading service provider in Israel,
building a strong community of thousands
of customers thanks to the company’s high
availability on social media, communications
and support.
Rewire is interested in a direct partnership
with Eurogiro members that would allow its
direct customer base in Europe to deposit
funds to the Rewire platform from the Euro-
giro member branches or directly from their
customers’ bank accounts. Working together
with other members is key to growth as, whilst
members bring experience and locations,
Rewire brings state of the art technology and
access to the tens of millions of potential
users across Europe.
3
Roni Perry
e-mail
- Rewire launched its remittance
services in Israel 2016, and now
serves thousands of migrant workers
from India, Philippines, Sri Lanka and
Nepal
- The company will soon offer new
services to European clients,
including an E-money account, a
prepaid MasterCard, and a new web
and mobile app
- Rewire’s mission is to give every
international around the world a fair
and simple all-in-one financial solution
- Rewire customers can check their
balances and exchange rates through
the company’s facebook bot
Eurogiro News 5
