Deloitte has revealed that it has integrated with Stellar, financial platform developers, to build a cross-border payments application. Designed to serve two customer segments, consumers and businesses, the Deloitte Digital Bank launched at the Consensus conference in New York in May 2016 and is now available to power instant payments across borders.
Consumers can use the Deloitte Digital Bank mobile application, which is available on iOS. With the mobile app, users create an account by scanning their driver’s license and can make instant peer-to-peer payments. Businesses instead access the Digital Bank through a web portal. The B2B product supports all of the features business payments require, including invoice tracking and reference numbers. All transactions resolve in around 5 seconds.
Thomas Jankovich, Principal at Deloitte, commented: “Banks are eager to replace the legacy systems of of ACH and SWIFT. With all of the friction involved in sending payments—3-7 days to resolve transactions, high fees—we can erase those pain points using cutting-edge technology now. We’ve seen interest from the top United States banks, and interest abroad.”
By this time next year, Deloitte estimates that they will have launched a product in partnership with a financial institution. With a sales team of 250, Deloitte will spend 2016 investing in relationships with financial institutions around the Digital Bank product. In keeping with the Stellar.org roadmap, Stellar.org will continue to help consulting firms and financial institutions solve big problems.
Co-founder and CTO of Stellar.org, Jed McCaleb said: “We’re excited a team with such prestige and expansive reach has integrated with Stellar,”