Solution Leverages Chain’s Blockchain Technology
NEW YORK -- (Business Wire)
Nasdaq, Inc. (Nasdaq:NDAQ) and Citi (NYSE:C) Treasury and Trade
Solutions announced today a new integrated payment solution that enables
straight through payment processing and automates reconciliation by
using a distributed ledger to record and transmit payment instructions.
A number of payment transactions have been concluded including Citi’s
automated processing of cross-border payments via a link between the
CitiConnect® for Blockchain connectivity platform and the Linq Platform
powered by the Nasdaq Financial Framework. This collaboration has
created a pioneering institutional banking solution that tightly
integrates blockchain technology with Citi’s global financial network
leveraging API technology.
The partnership between Citi and Nasdaq leverages Chain’s blockchain
infrastructure platform and draws on core competencies from industry
leaders who are at the forefront of innovation in the global financial
sector. Emerging technologies like Distributed Ledger Technology (“DLT”)
are driving digitization and enabling new platforms and blockchain
ecosystems that can provide real-time digital solutions. For example,
this integration can allow businesses such as Nasdaq Private Market to
address the challenges of liquidity in private securities by
streamlining payment transactions between multiple parties.
Key benefits that this integration can offer:
-
A seamless end-to-end transactional process for private company
securities
-
Direct access to global payments from Nasdaq’s Linq platform using
CitiConnect® for Blockchain and WorldLink® Payment Services, Citi’s
cross border, multicurrency payments service.
-
Increased operational efficiency and ease of reconciliation with
real-time visibility of payment transactional activity on the
blockchain ledger.
"This new payment capability marks a milestone in the global financial
sector and represents an important moment in the commercial application
of blockchain technology," said Adena Friedman, CEO, Nasdaq. "Through
this effective integration of blockchain technology and global financial
systems, we can realize greater operational transparency and ease of
reconciliation, which can have profound implications for outdated
administrative functions in the capital markets. We are excited about
this accomplishment in collaboration with our partners, Citi and Chain,
and are looking forward to continuing our work together to scale this
offering."
Naveed Sultan, Citi’s Global Head of Treasury and Trade Solutions Group
said, “CitiConnect® for Blockchain provides a crucial bridge between
blockchain platforms and Citi’s global financial network. Our
partnership with Nasdaq showcases Citi’s client-centric approach to
innovation and is an example of how we actively engage with our clients
to co-create innovative, leading and differentiated solutions for the
global market.”
“Chain is delighted that our technology is supporting this industry
leading network. Through this effort, we have seen firsthand that Citi
and Nasdaq are pioneers, successfully leveraging breakthrough technology
in order to enable world-class solutions for their clients” said Adam
Ludwin, Chain’s CEO.
This solution leverages Nasdaq and Citi’s founding membership of the
IDEO CoLab in June 2015 to explore emerging technologies such as
blockchain. In September of that year, both Nasdaq and Citi Ventures
invested in Chain’s series B funding round with other leading financial
institutions.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing,
exchange technology, listing, information and public company services.
Through its diverse portfolio of solutions, Nasdaq enables customers to
plan, optimize and execute their business vision with confidence, using
proven technologies that provide transparency and insight for navigating
today's global capital markets. As the creator of the world's first
electronic stock market, its technology powers more than 89 marketplaces
in 50 countries, and 1 in 10 of the world's securities transactions.
Nasdaq is home to 3,800 total listings with a market value of $11
trillion. To learn more, visit: http://business.nasdaq.comhttp://business.nasdaq.com/
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are
made under the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements include, but are not
limited to, statements about Nasdaq and its products and offerings. We
caution that these statements are not guarantees of future performance.
Actual results may differ materially from those expressed or implied in
the forward-looking statements. Forward-looking statements involve a
number of risks, uncertainties or other factors beyond Nasdaq's control.
These factors include, but are not limited to factors detailed in
Nasdaq's annual report on Form 10-K, and periodic reports filed with the
U.S. Securities and Exchange Commission. We undertake no obligation to
release revisions to any forward-looking statements
About Citi
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional
information may be found at www.citigroup.com
| Twitter: @Citi | YouTube: www.youtube.com/citi
| Blog: http://blog.citigroup.com
| Facebook: www.facebook.com/citi
| LinkedIn: www.linkedin.com/company/citi
Citi Treasury and Trade Solutions (TTS) enables our clients' success by
providing an integrated suite of innovative and tailored cash management
and trade finance services to multinational corporations, financial
institutions and public sector organizations across the globe. Based on
the foundation of the industry's largest proprietary network with
banking licenses in over 90 countries and globally integrated technology
platforms, TTS continues to lead the way in offering the industry's most
comprehensive range of digitally enabled treasury, trade and liquidity
management solutions.
About Chain
Chain, Inc. (www.chain.com)
is a technology company that partners with leading organizations to
build, deploy and operate blockchain networks that enable breakthrough
financial products and services. Chain is the author of the Chain
Protocol, which powers the award-winning Chain Core blockchain platform.
Chain was founded in 2014 and has raised over $40MM in venture funding.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170522005658/en/
Contacts:
Media:
NASDAQ:
Stephanie Lowenthal, 646-441-5073 Stephanie.lowenthal@nasdaq.com
Citi:
Nina
Das, 212-816-9267
Nina.das@citi.com
Chain:
Elizabeth
Alinikoff, 415-598-0346
Elizabeth@chain.com
Source: Citi
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