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BNP Paribas conducts real-time blockchain payments for clients

BNP Paribas SA conducted live payments for its clients Amcor and the Panini Group using blockchain technology, the lender said Dec. 21.

It carried out several multicurrency transactions for Italy-based Panini Group and Australia's Amcor between BNP Paribas bank accounts in Germany, the Netherlands and the United Kingdom using blockchain technology, which uses a distributed ledger to keep a record of every transaction carried out between parties within a secure system, eliminating the need for third-party verification.

BNP Paribas called this transaction a "cash-without-borders" proof of concept conducted in the group's institutional banking division, which was started in early 2016 to explore the applications of blockchain technology at its various businesses.

"The payments were fully processed and cleared in a few minutes, highlighting the real potential of this innovative technology which eliminates delays, unexpected fees and processing errors, paving the way for real time cash management, " BNP Paribas said.