30 Sep '15, 1pm

RBC, TD join top banks in using bitcoin technology From @GlobeBusiness

Thirteen top banks, including Royal Bank of Canada and Toronto-Dominion Bank, have joined a consortium led by financial tech firm R3 that is working on a framework for using blockchain technology in markets, a spokesman for the firm said on Tuesday. Nine other banks had already signed up to the initiative, which represents the first time banks have collaborated on how the technology that underpins bitcoin – a controversial, Web-based “cryptocurrency” – can be used in finance. The nature, the timing and the frequency of the reward are all important factors to consider when optimizing incentives. Getty Images/iStockphoto Inside the Market Video: Why new ‘fintech’ models are challenging traditional banks McKinsey says banks need move away from a culture based on selling products to one that embraces digital banking and innovation. news Banks could lose 60% of retail profit to...

Full article: http://www.theglobeandmail.com/report-on-business/rbc-td-...

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