A consortium of banks and fintech companies in Argentina has launched a pilot program for processing requirements for direct debit of accounts based on a solution from the developer of the RSK blockchain, IOV Labs. It is reported by Cointelegraph.
Since 2019, IOV Labs has been part of the round table on financial innovation along with such large banks as Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander.
The blockchain system will handle direct debit transactions in which the payment is initiated by the recipient of the funds, and not by the sender. The solution will allow you to track claims between different participants thanks to a decentralized corporate network, which will facilitate and speed up messaging.
Based on the results of the pilot program, a decision will be made on the need to add new participants and/or improve the functionality of the platform.
IOV Labs (formerly RSK Labs) is developing an open-source smart contract platform with two-way Bitcoin binding. The native network token is a “wrapped” version of BTC, and the RSK Infrastructure Framework (RIF) token is also used.
Bitcoin enters the network through a “federated” bridge controlled by specific organizations, which makes it similar to ERC-20 token versions with security in BTC.