Netki and Bitt Look to Target Caribbean Banks Using Digital Identity Service

Photo: Finance Magnates

Netki, a provider of Open Source and Open Standards compliance solutions for blockchains, has unveiled a new production platform for central banking entities, utilizing its Digital Identity Service, per a group statement.

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The release will see Netki team up with Bitt, providing the newly launched solution via a blockchain-based central bank digital currency issuance. The collaboration will foster a stronger payment and settlement framework, helping stimulate levels of economic growth.

Bitt presently is a key player and architect of blockchain and distributed ledger based technology infrastructure for interbank transactions and cash digitization systems for central banks. The initiative will specifically target Caribbean banks – Bitt and Netki will be supporting central banks in their role as regulators and banks will have all the necessary identity information required for transactions, ultimately helping lower risk levels and increase the ease of doing business.

According to Gabriel Abed, CEO of Bitt, in a statement on the collaboration: “Bitt joined forces with Netki as part of our ongoing initiative to bolster compliance efforts and provide an effective means for all people, including underbanked individuals to engage in the global economy through digital payments that are low cost, secure, easy to use and highly efficient.

Correspondent banks have de-risked some local Caribbean banks based on perceived higher risk and lower returns. This prevents these local Caribbean banks from having access to foreign markets and also hurts merchants and customers who are unable to access foreign banks and financial institutions.” noted Oliver Gale, President of Bitt.

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