Nasdaq and Citi announced on Monday that they have collaborated to launch a blockchain-based payment system that facilitates straight-through payment processing and reconciliation.
The platform uses blockchain infrastructure from Chain to integrate the CitiConnect for Blockchain platform and Nasdaq’s Linq Platform. It allows for seamless end-to-end transactions for private company securities and cross-border, multi-currency payments. A number of transactions have already been concluded using the platform, according to a statement.
“This new payment capability marks a milestone in the global financial sector and represents an important moment in the commercial application of blockchain technology,” Adena Friedman, CEO of Nasdaq, said in the statement. “Through this effective integration of blockchain technology and global financial systems, we can realize greater operational transparency and ease of reconciliation, which can have profound implications for outdated administrative functions in the capital markets.”
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Naveed Sultan, global head of Citi’s treasury and trade solutions group, called the CitiConnect for Blockchain platform a “crucial bridge between blockchain platforms and Citi’s global financial network. Our partnership with Nasdaq showcases Citi’s client-centric approach to innovation and is an example of how we actively engage with our clients to co-create innovative, leading and differentiated solutions for the global market.”
Plancorp is a fee-only wealth management firm with $3.6 billion in assets under management. Prumentum Group is a wealthtech firm based in Silicon Valley. The firms announced on Thursday that Prumentum has “acquired a significant equity stake in Plancorp.”
The platform, BrightPlan, provides users with comprehensive goals-based financial advice. Users can track their progress and assets in real time, with access to a human advisor when they need it. It is wholly owned by Prumentum and will launch later this year, but investors can request early access at BrightPlan.com.