ATB Financial carried out a blockchain payment from Canada to Germany in 20 seconds

On July 18, 2016 the SAP SE company announced carrying out the international blockchain payment from Canada to Germany with participation of ATB Financial companies, a financial and technology startup of Ripple Labs Inc. and ReiseBank AG banking company.

Project Progress

The technology of a blockchain which is initially developed as a basis for the conclusion of transactions in digital currency bitcoin represents the distributed mechanism which allows computers to execute transactions in network almost instantly and with the high level of internal security. Working together with the staff of ATB Financial, SAP and Ripple designed and created on the basis of this technology a conceptual prototype in nine working days.

Advertizing ATB, (2014)

The technical prototype connects SAP HANA Cloud Platform, the open SAP platform deliverable as service, Payment Engine SAP application integrating processing of payments in one solution and Ripple network.

The SAP company provided the mobile user interface by means of which executed payment for demonstration.

Project Results

ATB transferred to ReiseBank 1 thousand Canadian dollars (€667) by means of the network created on the basis of technologies of SAP and network of the corporate blockchain solutions Ripple.

The payment is executed in 20 seconds. Traditional processing of similar payment because of settlings with bank partner and acoount reconciliations takes from two up to six working days.

Though all of us still take the first steps in use of a blockchain, we were very much encouraged by such demonstration of its opportunities. The blockchain is capable to transform the international payments, having made them almost instant and having reduced the probability of commission of an error. Thanks to the SAP HANA Cloud Platform platform we had an opportunity to experiment and master such innovative technologies as a blockchain. On the next stage of our cooperation with SAP and Ripple we will deal with issues of interaction with users and perspective of creation of new advantages to our clients. Curtis Stange, chief strategy officer and to the transactions ATB Financial

Banks which will follow the example of ATB and use positive and pro-active approach to a blockchain, will get powerful benefit when this technology becomes a mainstream. The blockchain transaction, performed by ATB bank, emphasizes importance of business on the full-function digital platform allowing to react quickly to the appearing opportunities and to avoid threats. Bernd Leukert, board member of SAP