This story was delivered to BI Intelligence " Fintech Briefing " subscribers. To learn more and subscribe, please click here . The equity research arm of the bank released a note last week that reiterated the potential benefits of blockchain technology for financial services and outlined which global banks are well positioned to take advantage of the technology. Credit Suisse noted that blockchain technology can help banks cut costs, better manage risk, more cheaply and easily achieve compliance, and target new sources of revenue. Goldman Sachs. The bank sees blockchain as one of the most important developments in technology, according to Credit Suisse. It is well positioned to benefit from blockchain thanks to a combination of significant investment in technology, an open minded approach to innovation, and select investments in blockchain startups, including payments firm Circle . Goldman Sachs was one of the founding members of the R3 consortium which aims to investigate and develop blockchain-based solutions for use in financial services. JPMorgan. Like Goldman, JPMorgan’s significant spend on technology and related talent put it in a good position to benefit from blockchain, according to Credit Suisse. It has been testing a blockchain based system to make USD transfers between London and Tokyo since February this year, which could start being used for live transactions later this year. JPMorgan is also a member of R3, the Hyperledger Project, an non-profit organization dedicated to blockchain based collaboration, and has invested blockchain startup Digital Asset Holdings . Santander. The Spanish bank ‘s VC arm has invested in blockchain-based startups Ripple, Elliptic, and Digital Asset Holdings. It’s currently testing a cross-border payments app based on the technology. However, Credit Suisse notes that the bank likely has more pressing concerns in the form of profitability issues.This means it will likely take longer for […]
