Canadian bank successfully completed the world's first cross-border payment in 20 seconds

Rage Review : Bank of Canada, one of Canada's largest banks, has completed the world's first real-time cross-border payment. Generally speaking, such a payment takes six working days to complete, but this time Bank of Canada completed the transaction in just 20 seconds. This real-time cross-border payment shows that ATB can quickly respond to the possible conditions of emerging technologies, while effectively avoiding the disruptive threat of blockchain.

Translation: Nicole

One of Canada’s largest banks has completed the world’s first real-time cross-border payment, the Bank of Canada has announced.

ATB Financial announced on Thursday (July 14) that it had successfully sent $1,000 Canadian dollars to Germany via blockchain technology powered by the SAP HANA cloud platform. The report said the payment was supported by SAP Payment Engine and blockchain fintech company Ripple.

According to ATB, such a payment would normally take six business days to complete, but the Canadian bank completed the transaction in just 20 seconds.

Curtis Stange

“While we are still in the early stages of blockchain adoption, we are excited about the potential it has for cross-border payments, where it can enable real-time payments while reducing the potential for errors,” Curtis Stange , chief strategy and operations officer at ATB Financial, said in a statement.

He continued: “We can experiment with SAP HANA Cloud Platform and be more flexible in using emerging innovations such as blockchain. For us, the next stage of collaboration with SAP and Ripple is to fully understand how the front-end user experience can serve the interests of our consumers.”

ATB Financial explained that the payment was completed through a protocol developed by ATB Financial through a collaboration between SAP and Ripple. The entire payment process connects SAP and cloud platform technology and its payment engine application to Ripple's blockchain network.

Reports indicate that SAP has also developed a mobile interface for banks to initiate payments.

In a separate statement, Bernd Leukert, member of the executive board for products and innovation at SAP SE, said the success of the initiative demonstrates the benefits of digital banking and innovation.

Bernd Leukert

“ATB’s blockchain transaction underscores the value of running a business within a fully functional digital core, thereby demonstrating that ATB can respond quickly to the possibilities of emerging technologies while effectively avoiding the threat of blockchain disruption,” Leukert said.