SAP and Ripple carried out the first-blokcheyn transfer from Canada to Germany

Developer SAP software with the support of the Canadian and German banks ATB Financial and ReiseBank and finteh-startup Ripple began the implementation of international blokcheyn payments.

This is the first payment blokcheyn channel between Canada and Germany. Translations are carried out by a cloud created by SAP SAP HANA Cloud Platform Platform service SAP Payment Engine, and corporate decisions on Ripple. The first transaction, which was sent to the German ReiseBank, amounted to C $ 1,000 (€ 667).

the translation rate was 20 seconds, whereas normally this transaction takes from two to six working days.

"Despite the fact that we are at an early stage of implementation blokcheyn solutions is very gratifying to see how much potential they have in the field of cross-border payments, which makes them almost instantly and eliminates potential errors," - said the Director of Strategy and Operations Director ATB Financial Curtis Strange.

According to him, using the SAP HANA Cloud Platform, digging can experiment with new technologies such as blokcheyn. Test translation demonstrated, according to the companies, the way in which you can improve the efficiency of cross-border payments and increase the presence of financial firms in the world market.

"Banks like the ATB, which take a proactive stance in relation to blokcheyn technologies, gain an advantage over other financial institutions, technology is only moving towards universal acceptance", - said a member of the SAP Executive Board of Directors Bernd Leykert.

Previously, IT-SAP developer John Bertrand in the author's column on Finextra noted that the most important area of ​​possible application blokcheyn technologies are cross-border payments, which are now highly inefficient and costly.

"The process is now similar to the way postmen deliver letters to the bank. If the postman may sometimes make mistakes and mix your letters with neighbor letters, then blokcheyn - this is equivalent to a delivery service from door to door with a written acknowledgment of receipt. "

SAP - German software maker founded in 1970 by a group of IT-specialists from IBM. According to research by consulting firm Gartner, in 2015, on the SAP products to transfer chain management accounted for about a quarter of the world market.