In order to solve hiccups with global repayment issues, Primechain Technologies has launched Primechain-P5, a blockchain-based platform for cross-border remittance.
P5 features 59-second global remittances at a near-zero cost on 24×7 basis as well as programmed reconciliation. The platform uses Microsoft Azure APIs for machine learning-based fraud detection systems and real-time anti-money washing checks. In addition, many of the P5 nodes will run on the Azure cloud. The system also does away with the advantages of nostro / vostro accounts and features 100% API powered technology.
Some of the banks who are checking out P5 include State Bank of India, DCB Banks and Emirates NBD.
P5 has been developed by Primechain Technologies, a young blockchain startup, for people of BankChain – a community of banks for exploring, building and applying blockchain solutions. Formed in February 2017 with State Bank of India one of the major banking institutions in the world being the first member, BankChain now has 30 associates globally.