[2017-09-28] Canada's Biggest Bank Tests Blockchain for Cross-Border Payments

[tyz]

Canada's Biggest Bank Tests Blockchain for Cross-Border Payments

Royal Bank of Canada (RBC), the largest bank in the country, is trialling blockchain technology for fund transfers to and from the U.S.
Built using open-source tech from the Hyperledger consortium, the new system was deployed about a week ago as an underlying layer to RBC's existing payments system.

Martin Wildberger, RBC's executive vice president, told Reuters that what he called the "shadow ledger" allows the bank to monitor payments in real time as they pass between U.S. and Canadian banks, with the further benefits of simplifying transactions and lowering costs.

https://www.coindesk.com/canadas-biggest-bank-tests-blockchain-for-cross-border-payments/

[laurenB7742]

I read the article but I didn't quite understand, are they going to exchange fiat to crypto (probably bitcoin) and then send transactions and convert back to fiat or will they create new altcoin or token just for themselves so that they will send transactions without actual value just to have prove of sending and receiving money?