Blockchain

PwC Launches Vulcan, Its FinTech Offering

PwC announced Monday (Nov. 14) the launch of a new FinTech offering dubbed Vulcan Digital Asset Services. The service enables digital assets to be used for banking, commerce and other asset-related services, PwC said in a press release.

The services that fall under Vulcan include digital asset wallets, international payment processing and investment and trading services. Coming soon are point-of-sale and merchant services. PwC will also launch the ability to create and support native digital currencies, as well as rewards-based systems. The consulting firm noted Vulcan had garnered a lot of attention ahead of the launch. Vulcan is currently being tested by an international banking firm, as well as an unnamed central bank. It’s also being assessed by one airline and three other multinational banks.

“Vulcan is a cloud-based platform that enables banks and corporates to offer a suite of new digital currency-related products and services to individual, retail and institutional customers within a trusted, transparent and compliant ecosystem. It is the first of its kind globally and has been created to bring digital assets and currency to the mainstream,” said Robert Allen, PwC director and Vulcan lead, in the press release. “We’ve created Vulcan because, at PwC, we believe new technology supported by advances in cryptography and network computing — particularly blockchain — will transform the consumer, government and financial market industries and shape the next generation of money.”

According to PwC, Vulcan was built in conjunction with enterprise blockchain solutions provider Bloq; blockchain integration, reporting, compliance and analytics provider Libra; and digital identity startup Netki. The Vulcan platform enables FinTech startups and technology companies to gain access to PwC’s global client base and co-develop new product offerings, PwC noted.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The September 2019 AML/KYC Tracker Report provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

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