Wells Fargo is turning to blockchain to speed up cross-border money transfers for its corporate clients. The bank is using the technology to create a money transfer service it’s branding as Wells Fargo Digital Cash. The technology is still in its nascent stages, but Wells Fargo wants corporate clients to use the system to transfer money around the world instantaneously.
The bank is aiming to create a seamless experience, according to Lisa Frazier, head of Wells Fargo’s innovation group. “From a customer point of view, you don’t do anything different than you do today,” said Frazier. “Today, the network is a combination of intermediaries, banks, correspondent banks and SWIFT.”