Blockchain payments system to hit the main street

Metro Bank is the first new retail bank in the UK for 100 years. Given Metro Bank’s focus on client experience and Deloitte’s venture with SETL, Deloitte was engaged to build and test a blockchain smartcard retail payment system.

Solution

Impact

The successful implementation of a blockchain smartcard retail payment system significantly reduced the high costs of processing retail transactions.

In addition, it opens the door to competition in merchant servicing to challenger banks, which are all but excluded from this activity by the incumbent clearing banks.

The service - which is provided by SETL Payments Ltd and subject to regulatory approval, could launch as early as 2018.

The use of point-to-point encryption significantly reduces the possibility of the kind of wholesale data leakage that has impacted the legacy consumer payment infrastructure over the last few decades.

Tech-tonic shifts are happening now. Work with a team of experts who help financial services firms adapt to, and take advantage of, technological change.

Key contacts



Richard Widdas

Partner and Global Financial Services Consulting leader
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Scott Nicholass

Partner and Global Financial Services Consulting Technology leader
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Lauren Schmidt

Director and Global Financial Services Consulting Chief of Staff
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