The startup is using blockchain to broaden IPOs and depository receipts to private assets and companies.
The bank has begun running one app on a vendor’s cloud, with more to come – within strict parameters regarding security.
Morgan McKenney, a leader in Citi’s internal innovation efforts, says blockchain can improve cross-border payments but is skeptical about its revolutionizing trade finance or correspondent banking.
It should enable active fund managers, distributors and service providers to come up with new business models to combat declining fees.
As banks quicken the pace of digital product development, the biggest institutions have the private network to keep cloud in-house.
