Quisk, Silicon Valley provider of a secure digitized cash payment network for banks and financial institutions, announced Monday (June 5) that it will begin incorporating blockchain technology into its platform.
In a press release, Quisk said it will store all transaction ledgers on a Quisk blockchain distributed ledger accessible by its banking customers. The banks will be able to access transaction details from their back-end operations, including merchant settlement and core banking reconciliation. Praveen Amancherla, Quisk’s chief technology officer, says the addition of blockchain distributed ledgers will enhance Quisk’s data integrity. “We are excited to be leveraging the tremendous power of blockchain technology to propagate trust among our customer banks. This technology eliminates barriers, giving banks the ability to easily and securely access their transaction data,” he said in the press release. “With this addition, Quisk transaction data becomes even more accessible to our customers. From here on, blockchain will drive the Quisk Data APIs for our bank customers, supplementing Quisk’s Payment Services APIs. Quisk believes that blockchain is the ‘next Internet’ for the financial industry, and the tools to retrieve data from blockchain will soon be as ubiquitous as web browsers.”
According to the release, the banks that signs on to Quisk Blockchain can use their existing customer touchpoints to accept or distribute money; or alternatively, they can use Quisk’s customer touchpoints on POS, online, SMS and mobile channels. Cross-border remittances represent another market that Quisk CEO Steve Novak says is primed for disruption by blockchain distributed ledger technology. “Most remittances involve multiple parties and are slow and expensive. Blockchain provides a means by which we can streamline the process, thereby making these transactions faster and cheaper for the parties involved,” Novak said.