Daily Archives: June 22, 2016


Developing Blockchain Real-Time Clearing and Settlement in the EU, U.S., and Globally

Joanna Diane Caytas J.D. Candidate, Columbia Law School 2017 Framing the issue U.S. and European payment systems as we fondly know them are notoriously antediluvian. In China, all a consumer needs to do to send money is to input on their phone the beneficiary’s 16-18 digit account number, name, and bank name. Final credit is typically received in 5 seconds – not up to 5 hours, as for a U.S. domestic wire. Nor do Chinese consumers experience the grotesque fees charged for Western Union’s “instant money,” which in most cases still requires a trip to clear physical cash. There is […]