Deloitte has announced plans to construct a cross-border payments platform and will work with developers at Stellar to make it a reality.
Reports late last week said Deloitte and Stellar will launch a two-pronged approach to international payments, one aimed at consumers and the other at businesses. The solution emerged under the name Deloitte Digital Bank, which was officially launched in May but can now facilitate cross-border transactions.
Its B2B capabilities support added functionalities for corporate payments, the companies said, including invoice tracking and management of reference numbers. The international payments can be completed in about 5 seconds. Businesses access the platform via desktop.
“Banks are eager to replace the legacy systems of ACH and SWIFT,” said Deloitte principal Thomas Jankovich in a statement. “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.”
He added that top U.S. banks and international players have already expressed interest in the tool.
The consumer-focused aspect of Deloitte Digital Bank enables users to access a mobile app. By scanning a diver’s license, users can make instant peer-to-peer payments, reports said.
Deloitte anticipates a full launch of a cross-border payments product in partnership with a financial institution by this time 2017. Until then, Deloitte said it will focus on building partnerships with financial institutions to connect them to the Deloitte Digital Bank.
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