Blockchain Payments Gain Traction as Banks and Firms Test New Systems

The traditional banking system is slowly adopting blockchain-based payments, with Swift announcing that its shared ledger is ready for use by 17 banks. Citi and ANZ have reported live tokenized-deposit transactions with their banking partners. Remittix, a digital asset firm, has taken a different approach by developing a customer app to convert supported cryptocurrencies into fiat currency delivered to compatible bank accounts.

Remittix's PayFi service is currently being tested by the first 1,000 users, who will evaluate the sender-to-recipient journey ahead of its scheduled launch on November 24. The company aims to connect supported crypto to compatible banking channels in over 30 target fiat currencies.