A simplified technology from Blockchain is helping banks emerge from the stone age

Treasury Prime, which aims to bring U.S. banks out of the stone age by providing automation through APIs, appears to be using elementary blockchain technology internally to manage its compliance efforts.

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Time travel
The company is focused on connecting Fintechs with banks to create „the most comprehensive banking API in history,“ Treasury Prime CEO Chris Dean told Cointelgraph that U.S. banks are far behind the times, technologically speaking:

„What’s interesting here is that the US banking system is 50 years behind, and all we’re trying to do is really advance 20 or 30 years.“

The company serves several crypto-currency companies, and while Treasury Prime itself does not discriminate against such companies, they admit that finding a bank in the United States willing to accept these customers is not easy:

„We’ll work with anyone, we’re a technology provider, banks won’t necessarily work with just anyone, and in order for you to pay the bank as one of our banks, it’s only for North America, other banks have restrictions on who they will deal with, but there are probably about 5,000 banks in the United States, so there are many variables here“.

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Blockchain technology convinces regulators

The company uses a simplified version of Hyperledger Fabric, which they say has been very convincing to regulators during stress tests:

„They choose individual accounts and say, ‚Tell me about this account. Prove to me that the balance is correct and prove to me that none of this is money laundering,“ and the way we do it is: Well, here is the list of transactions and that’s how you know the origin of the transactions, because they are all signed and point to the previous transaction.

Interestingly, the company does not mention blockchain on its website.

Dean believes that Bitcoin Future has a lot to offer crypto-currency companies, which are used in blockchain automation. When dealing with the old American banking systems, he says it’s like going back in time.

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