A new report says that a Romanian bank represented by Raiffeisen has successfully tested its two-party cryptocurrency transfer by partnering with a blockchain company called Billon.

The company “Billon” is working to help the Romanian international bank “Raiffeisen” develop its digital currency, which is called “RBI Coin”, which is scheduled to be launched by the end of this year.

Raiffeisen Bank conducts successful tests with its new digital currency:

According for the report issued Earlier yesterday, Billon developed a coding system in collaboration with the bank’s Elevator Lab, which was completed on March 5.

The system allows banking institutions to use a digital transfer method that provides greater certainty about the payment status, speeds up the transfer process and reduces processing fees.

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The success of the testing phase allowed the bank to consider expanding the platform to select clients of companies and other financial institutions.

The system and platform called “Billon’s Digitized Distributed Cash” aims to demonstrate how companies can improve their liquidity management and speed, the availability of cross-country fund transfers and facilitate new business processes.

Once the new platform is launched by the end of 2020, the beta platform will provide full transparency by completing money transactions digitally.

This Raiffeisen Bank aims to spread the project in the countries of Central and Eastern Europe where it is active.

While the exact benefits between transactors will be available upon completion of the beta, Billon expects the bank to improve customer experience, differentiate offerings, and achieve efficiencies in operations and cost in several categories.

Banks and Blockchain Technology:

The above-mentioned report also indicated a growing trend among commercial and central banks to develop new blockchain architectures that are compatible with payment and data systems.

Hence, this new blockchain-based initiative by Billon and Raiffeisen Bank is a step in the right direction, and may step in and help more similar projects enter this arena.

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Many banks and financial institutions are seeking to migrate securities and move towards digitizing them, especially since there is a controversy surrounding that paper money is among the reasons that help the transmission of the Corona virus and what is supported by it a report Speech prepared by the Bank for International Settlements (BIS).

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