Nasdaq and Citi Announce Pioneering Blockchain and Global Banking Integration
Solution leverages Chain’s blockchain technology
New York – 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we can realize greater operational transparency and ease of reconciliation, which can have profound implications for outdated administrative functions in the capital markets.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.
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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.com http://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
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.
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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.
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.