A new story from French and Friends

Automatic TRANSCRIPT

The world's can we solve well first thing we think of of course the banking world the banking world has embraced the block chain so much so that it's allowed the empire to strike back and one of the one of the bigger examples for block chain in the banking world is correspondent banking it's a corresponding banking for the for the bankers not in the room corresponding banking is when you send international payments and your money just kinda disappears and then a week later you keep calling your bank and they say they sent the money but the receiver still hasn't gone it and you just you hope it arrives eventually so what's happening in the background is your money is skipping from one bank to another correspondent bank to another one and the reason we have this the system here is because it's not feasible for each individual bank to go out and do a partnership with the ten thousand other banks around the world and the big problems from this is each bank has a copy of their own ledger there's reconciliation happening at the end of each day manual and sri it's very common for errors to occur so it ends up being very costly and very slow but if all the banks in the world's connected to one ledger one shared ledger the sending bank can connect directly to the receiving bank your money or get there much faster and if the sending bank requires liquidity to do the foreign exchange they've got thousands of banks to deal with that they can do a partnership with that's just one area of banking that the plot chain can really help other key areas syndicated loans 'peertopeer loans bond issuance currently there's the australian stock exchange they're looking at replacing.

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