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The optimized blockchain technology helps banks break out of the Stone Age

June 10, 2020

Treasury Prime, which aims to get America’s banks out of the Stone Age by providing automation through APIs, appears to be using elementary blockchain technology internally to manage their compliance efforts.

Time travel

The company is focused on connecting fintechs with banks to create “the most complete banking API in history”.Chris Dean, CEO of Treasury Prime, told Cointelgraph that the banks in the United States are far behind in terms of technology:

“The interesting thing is that the US banking system is 50 years behind schedule and we’re just trying to be 20 or 30 years ahead.”

The company serves several cryptocurrency companies, and although Treasury Prime does not discriminate against such companies themselves, they admit that it is not easy to find a bank in the U.S. that is ready to accept these customers:

“We will work with everyone, we are a technology provider, banks will not necessarily work with anyone, and in order for you to be able to pay the bank as one of our banks, other banks only have restrictions on who they will deal with in North America, but there are probably about 5,000 banks in the United States, so there are many variables here. “

Blockchain technology convinces the regulators

The optimized blockchain technology helps banks break out of the Stone Age
The optimized blockchain technology helps banks break out of the Stone Age

The company uses a simplified version of Hyperledger Fabric, which was very convincing to regulators during stress tests:

“You select individual accounts and say: Tell me about this account. Show me that your account balance is correct and show me that none of it is money laundering.” Here’s how we do it: Well, here is the list of transactions and this way you know the origin of the transactions since all are signed and point to the previous transaction. “

Interestingly, the company doesn’t mention blockchain on its website.

Dean believes Treasury Prime cryptocurrency companies used in blockchain automation have a lot to offer. When they look at the old American banking systems, he says it’s like going back in time.

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