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Accenture Partners with R3 and SAP to Improve Settlement Systems by Using Blockchain

Consultancy firm Accenture has partnered with blockchain technology firm R3, and software giant SAP to produce a prototype that uses distributed ledger technology to allow real-time gross settlements.

John Velissarios, managing director and global blockchain technology lead at Accenture, mentioned that the need for the platform stems from the current “highly complex and fragmented” payment settlement infrastructure. He believes that with real-time gross settlement (RTGS) systems, blockchain would be able to allow central banks to be more efficient.

RTGS systems allow electronic fund transfers between banks to happen in real-time and on a one-to-one basis, enabling immediate clearing for high-value transactions usually handled by central banks.

The prototype utilizes the SAP Payment Engine application, which allows for payment initiation, processing, clearing, and settlement while integrating with the R3 Corda platform to enable collaboration with the RTGS systems. With Accenture’s expertise in central bank clearing and settlement as well as blockchain experience, the prototype will allow peer-to-peer payments between banks.

Velissarios said:

The RTGS prototype, designed in collaboration with SAP and R3, demonstrates the next stage of efficiency in payment systems and ultimately, paves the way to linking tokenized-assets, like equities, to create an increasingly integrated and seamless financial services ecosystem.”

Stablecoins will be used in the prototype, as they are less volatile than regular cryptocurrencies. The companies are aiming to work alongside the traditional financial system rather than against it, which has led to many controversies Facebook’s Libra has been dealing with.

Cathy Minter, Chief Revenue Officer at R3, stated that there is a need for interoperability between the traditional financial services industry and token-based systems.

She added: “Corda was designed to execute transactions seamlessly from the outset, with the highest levels of certainty and security. Through our Accenture and SAP, R3 is collaborating with two of the tech industry’s major players to provide a real-time gross settlement token-based exchange. The end result is nearly instantaneous settlements, which will reduce friction throughout the transaction chain.”

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Accenture Forms Strategic Partnership with TradeIX, Joining the Marco Polo Network

Professional services firm Accenture has partnered with TradeIX to create new use cases for the buyers and sellers in the trade finance market. TradeIX, a trade finance blockchain startup, previously launched the Marco Polo Network along with R3.

It was announced earlier that Accenture Ventures had invested an undisclosed amount in TradeIX, while Accenture also became a strategic partner with Marco Polo in preparation for its launch in 2020. The network will help corporations integrate their technology with a blockchain system.

“We’re processing many of these transactions already, leading the way with AI, analytics, and automation to get to more streamlined processing. With DLT, Accenture has been focused on financial services infrastructure, supply chain, and digital identity – this hits the core of all three of those,” said Melanie Cutlan, the Managing Director of the Blockchain Services for Accenture Operations.

Robert Barnes, the CEO and co-founder of TradeIX, said, “As we talked to more corporates, it became apparent there was more that we could be doing. We’re looking to enhance the data between buyer and seller… including inventory information, invoice and purchase orders, advance and shipping orders, and working with contracts on the chain.”

Recently, TradeIX announced the completion of its largest open-account trade finance trial to date on the Marco Polo Network with more than 70 organizations. Some of the significant financial corporations, including Bank of America, Mastercard, and Bank of New York Mellon, became a few of the new members of the network.

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Bank of England Chooses Accenture To Rebuild UK Payment System

The Bank of England, the UK’s central bank will work with Accenture to build and develop a new innovative world-class payment service.

The Bank of England has announced that it has hired Accenture IT consulting firm to overhaul part of the UK’s payment infrastructure, in a contract worth over £150 million ($195 million). This follows a public procurement that started in February 2019.

Driving Payments Transformation

Accenture will renew the RTGS (real-time gross settlement) service to support innovation and resilience in payments and settlements in the UK. The RTGS renewal program include integrating and building the new RTGS platform, improving data access, and offering a service that would support the financial service sector and its customers in the years to come.

The RTGS service is the infrastructure, which holds accounts for various institutions, building societies, and banks delivering final and risk-settlement. The RTGS currently handles £685 billion worth of transactions each day between large financial institutions. The service, therefore, plays a critical role in the UK economy.

The renewed RTGS service is set to be designed to respond to the changing structure of the financial system, ensure resilience in the heart of the service, give access to a wider number of companies, offer improved functionality and wider interoperability, and strengthen end-to-end risk management of Britain’s high-value payment system.

Victoria Cleland, the BoE’s executive director for banking, payment, and innovation, said that the renewal program is the main priority not only for the central bank but also for the wider UK payment industry. She further mentioned that the program would support a resilient financial system, which protects the UK’s monetary and financial stability in the years to come.

The RTGS renewable program is being delivered in multiple transition phases to minimize risks and is expected to begin in 2022 and run until 2025.

The Bank of England Considering to develop CBDC

As part of its commitment to developing a stable, resilient, and diverse payment landscape, the UK’s central bank is reviewing whether it should create a CBDC. Andrew Bailey, BoE governor, recently admitted that a Central Bank Digital Currency would be a reality in the next few years. However, he did not provide a specific time frame of when the discussions are expected to end. The Bank of England is already part of a group of leading central banks that have collaborated to conduct research on developing their digital currencies. While China is leading, nations like the UK and the US are still at the decision stage.

RBL Bank Partners with Accenture to Build A Digital Bank Infrastructure

RBL Bank announced today that it will partner with Accenture consulting firm, who envisions that it can enhance the bank’s information technology (IT) network and services with its professional expertise.

RBL Bank Seeks Accenture’s Services

Through the partnership, RBL Bank hopes to take the institution’s business processes, banking services, and overall scalability to another level. This year, the banking industry has reportedly suffered from “unprecedented disruption.”

Accenture consulting firm aspires to empower RBL Bank by transforming the digital structure of its services, leading to future growth and fortified banking infrastructure for the bank. In a press release shared with Blockchain.News, India Market Lead for Accenture Piyush Singh said:

“We look forward to using our deep banking industry knowledge and digital capabilities to support RBL Bank in its journey to becoming a truly digital bank.”

RBL Bank hopes to enhance its digital presence and strengthen its online services in light of the digital age, which has sped up its growth given the current pandemic. Also, RBL Bank advocates that this will create a more “agile organization” and provide more efficient and quicker services.

Priding themselves to be an Indian private sector bank, RBL Bank will not be the first to embrace Accenture’s services as a professional consulting firm in order to advance its own growth. Beforehand, Bank of England and French Central Bank “Banque de France” have also adopted Accenture’s professional expertise to further promote the experimentation and implementation of their own central bank digital currency (CBDC).

Accenture has been reputed for modernizing banking services by providing digital expertise, as well as proposing innovative applications designed to enable users to transact and conduct key business and financial processes online. For RBL Bank, Accenture will be responsible for designing the core “technological skeleton” behind the financial institution’s IT system, and it will employ DevOps and Agile working methodology to improve the bank’s online services.

Will Reserve Bank of India Warm Up to Crypto?

Though India is making headway in adopting digitizing banking services, the country still appears to be behind its counterparts in the crypto world. There had been rumors that India law regulators were planning on banning cryptocurrency usage in the country.

However, earlier this year, the Reserve Bank of India had made it clear that it did not have any ban set in place for the cryptocurrency industry. The Supreme Court of India has overturned the central bank’s proposal of banning banks in India from providing crypto-related services. Despite the absence of a crypto ban, digital assets are still heavily unregulated in the country. Banks claim that they are waiting for further instructions from the central bank regarding cryptocurrency.

With the ongoing COVID-19 pandemic, India’s crypto trading industry has also been reported by Blockchain.News to have seen an increase of 400 percent earlier this year.

Despite the surge of crypto trading, much work is still to be desired for the industry’s future in India. While the Supreme Court has allowed virtual currencies to be used by institutional banks, crypto regulators in India still need to figure out a way to regulate crypto trade. With proper digital asset guidelines, the cryptocurrency industry can then flourish properly in the country.

Japanese Mobile Operator Partners with Accenture to Boost ESG Using Web3

NTT DOCOMO, the leading mobile operator in Japan, has collaborated with Accenture to propel the application and adoption of Web3 when tackling social issues.

In a statement, the strategic partnership will promote environmental, social, and governance (ESG) issues, develop talent and create a secure Web3 platform.

Comprising more than 84 million subscribers, NTT DOCOMO will avail its expertise in the telecommunication industry as well as its experience when dealing with society-wide issues.

On the other hand, Accenture, a global digital, cloud, and security services company, will develop an operational foundation for the Web3 initiatives.

Motoyuki Li, NTT DOCOMO’s president and CEO, pointed out:

“Web3 is the most impactful technological development since the Internet. DOCOMO, in collaboration with Accenture, will revolutionize social infrastructure by utilizing blockchain and building a safe and secure Web3 environment.”

Web3 is already being used for societal solutions in Japan. For instance, the government and companies are utilizing Web3 to streamline carbon credit markets meant to fight climate change.

The partnership between NTT DOCOMO and Accenture is meant to propel Japan’s quest to be a leading Web3 market. It also seeks to boost Web3 adoption globally. Li stated:

“We will build an environment where the power of creators and developers can come together. We are glad to be promoting the Japan-developed Web3, and we welcome individuals and companies to join us in the global development of Web3 services.”

Addressing societal issues touching on diversity, sustainability, and inclusion is vital. Atushi Egawa, a senior managing director at Accenture, sees Web3 as a stepping stone toward this objective.

Egawa added:

“Our collaboration with NTT DOCOMO is designed to create an industry platform leveraging blockchain and other digital technologies.”

The World Economic Forum (WEF) recently established a Crypto Sustainability Coalition to investigate the capability of Web3 in tackling climate change, Blockchain.News reported.

The WEF noted that blockchain tools would propel transparency in the worldwide carbon credits market, whereas crypto mining would trigger renewable microgrids through off-peak demand and decentralization.

Greece Establishes High-Level Advisory Committee for Artificial Intelligence Strategy

Kyriakos Mitsotakis, the Prime Minister of Greece, made the announcement on the establishment of a High-Level Advisory Committee for Artificial Intelligence (AI) on October 19, 2023. The purpose of this group is to get Greece ready for the tremendous breakthroughs that are happening in artificial intelligence technology and its applications. This decision comes at a time when the European Union is in the midst of passing its Artificial Intelligence Act, which will be applicable to all 27 member states of the European Union, including Greece.

The group will give evidence-based advice and recommendations on how Greece may capitalize on the many possibilities presented by artificial intelligence technology. In addition to this, the establishment of a unified structure for the purpose of providing protection against probable difficulties, disparities, and dangers will be a primary priority. The key duties include the formulation of policy concepts and the elaboration of recommendations for a comprehensive national strategy for AI over the long term. The economy, society, productivity increases, innovation, infrastructure development, and the management of climatic crises will all be primary focuses of this plan.

Professor of Computer Science at the Massachusetts Institute of Technology (MIT) Constantinos Daskalakis will serve as the chair of the committee and lead its work. Other members include authorities in a wide variety of subjects, including technology, ethics, law, and scientific research. Notably, the committee’s work is backed by Accenture, a business that specializes in digital services and artificial intelligence expertise. Additionally, the committee’s operation is completely free of charge.

The Prime Minister of Greece, Mr. Mitsotakis, highlighted in his statement that the incorporation of AI technology is not a problem for the future but rather a reality that exists right now. “This is not about the future but rather the present,” he added, underlining the necessity for rigorous preparation before artificial intelligence becomes a part of everyday life. “This is not about the future but rather the present.”

The work of the committee will also contribute to Greece’s stance in the ongoing conversation on the regulatory framework for artificial intelligence that is taking place throughout Europe. Its goal is to identify industries in which Greece has a competitive advantage and has the potential to take the lead in worldwide talks on the use of AI.