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IBM tackles cross-border payments with blockchain

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IBM has announced a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers.

Using IBM Blockchain, and in collaboration with technology partners Stellar.org and KlickEx Group, the solution is intended to improve the speed in which banks both clear and settle payment transactions on a single network in near real time.

Today, making international payments can be costly, laborious and error-prone. Transactions in different currencies can require multiple intermediaries and take days or weeks to complete. According to the World Bank, initiatives to modernize payments and provide financial access could improve the flow of currency and commerce, and help achieve the goal of extending financial services to one billion people by 2020*.

The solution is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom. Using a blockchain distributed ledger, all appropriate parties have access and insight into the clearing and settlement of financial transactions. It is designed to augment financial flows worldwide, for all payment types and values, and allows financial institutions to choose the settlement network of their choice for the exchange of central bank-issued digital assets.For example, in the future, the new IBM network could make it possible for a farmer in Samoa to enter into a trade contract with a buyer in Indonesia. The blockchain would be used to record the terms of the contract, manage trade documentation, allow the farmer to put up collateral, obtain letters of credit, and finalize transaction terms with immediate payment, conducting global trade with transparency and relative ease.

IBM has convened an initial group of diverse banking leaders as part of the development and deployment process, including Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. (RCBC) Philippines, Sumitomo Mitsui Financial Group, TD Bank, Wizdraw (HK) of WorldCom Finance, and other financial institutions.

“With the guidance of some of the world’s leading financial institutions, IBM is working to explore new ways to make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world,” said Bridget van Kralingen, Senior Vice President of IBM Industry Platforms. “Making distributed ledger technologies more interoperable is the latest example of IBM’s leadership driving the rapid advancement of blockchain.”

“TD Bank is pleased to participate along with fellow banking leaders to observe how IBM Blockchain can support more secure and effective payments solutions,” said Rizwan Khalfan, EVP and Chief Digital and Payments Officer, TD Bank. “We’re focused on innovation that adds value for our customers and our business, and blockchain presents a tremendous opportunity to transform and enhance payment systems, enabling us to continue to evolve the products and services we can offer.”

In keeping with IBM’s commitment to open source, the solution is run from the IBM Blockchain Platform on Hyperledger Fabric and was built in collaboration with Stellar.org, a non-profit organization and associate member of Hyperledger, and KlickEx Group, a regional financial services company in the Pacific region. Stellar is an open-source blockchain network that is purpose-built for the issuance and exchange of digital assets. Digital assets are issued on the Stellar network as a foreign exchange bridge to allow for near real time settlement. KlickEx Group serves as the founding financial institution for the region, servicing banks, retail clients and consumers using this new network.

IBM will continue to advance the solution with the goal of expanding capabilities in order to support central bank-issued digital currencies, securities, bonds and structured financial assets. IBM Blockchain provides high performance orchestration to move payments among parties. Each payment is immutable once recorded, and settlement instructions are provided via smart contracts on Hyperledger Fabric. Initially, Stellar will provide the network and digital asset to facilitate the settlement of transactions cleared on Hyperledger.

“This new innovation and collaboration represents a significant milestone for Stellar as well as the financial technology industry as a whole,” said Jed McCaleb, co-founder of Stellar. “We are using blockchain technology in production to facilitate cross-border payments in multiple integrated currency corridors. Currently, cross-border payments tend to take up to several days to clear. This new implementation is poised to start a profound change in the South Pacific nations, and once fully scaled by IBM and its banking partners, it could potentially change the way money is moved around the world, helping to improve existing international transactions and advancing financial inclusion in developing nations.”

The network is currently in use by Advanced Pacific Financial Infrastructure for Inclusion (APFII) members, a public-private partnership initially funded by the United Nations and SWIFT. It is expected to process up to 60 percent of all cross-border payments in the South Pacific’s retail foreign exchange corridors including Australia, New Zealand, Fiji, Samoa and Tonga by early next year. Commercial banks such as Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. (RCBC) Philippines, Sumitomo Mitsui Financial Group, TD Bank, and Wizdraw (HK) of WorldCom Finance will be invited to join the network and help it expand in different parts of the world beginning in 2018.

“This is the first time anyone has made blockchain work at an institutionally viable scale,” said Robert Bell, Chairman of APFII and founder of KlickEx Group. “Through KlickEx, the Pacific has had relatively low-cost, real-time, multi-currency payments for most of the past decade, and this project was a natural next step following our work to create seamless and borderless payments across the Pacific. We look forward to the results with using IBM Blockchain as we continue to push forward with our mission to remove payment friction across borders.”

This production blockchain network with KlickEx and Stellar is one of many blockchain projects underway by IBM in financial services including foreign exchange payments netting, private equity administration, securities lending and trade finance.

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Huawei Mate 20 Pro matches camera benchmark record

A benchmark by DxOMark sees the triple-cam handset tie with the P20 Pro for best smartphone camera on the market.

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The Huawei Mate 20 Pro has come out top in a camera benchmark test that assesses all aspects of smartphone camera performance.

DxOMark, which conducts rigorous hardware testing and is trusted as an industry standard for image quality measurements, has just released the results of its in-depth analysis of the Huawei Mate 20 Pro smartphone camera. 

The Huawei Mate 20 Pro is the Chinese manufacturer’s latest top-end device. Building on the P20 Pro’s camera technology, the Mate 20 Pro comes with a Leica-branded triple-camera setup, but swaps its stable-mate’s monochrome camera for a super-wide-angle module, offering a 35mm-equivalent focal length range from 16 to 80mm—the widest of all current smartphone cameras.

The handset is in direct competition with the Apple iPhone XS Max, the Google Pixel 3 XL, the Samsung Galaxy Note 9, among other. How does it fare?

“With a total photo score of 114, the Huawei Mate 20 Pro ties the record-setting score of its cousin, the P20 Pro,” says DxOMark. “The overall Photo score is calculated from sub-scores in tests that examine different aspects of its performance under different lighting conditions.”

The Huawei Mate 20 Pro achieves a photo score of 114 points. In stills mode, the Mate 20 Pro’s triple camera captures images with good target exposure and a wide dynamic range, recording both good highlight and shadow detail even in difficult high-contrast situations. Noise levels are well under control down to low light levels, and the camera’s white balance system and colour rendering settings produce a pleasant colour response in almost all circumstances.

At 97 points, the Mate 20 Pro is very close to the best for video as well, thanks to a fast and smooth autofocus system with good tracking performance, accurate white balance as well as pleasant colour rendering, and low levels of noise, especially in bright shooting conditions. Our testers also liked the exposure system’s ability to adapt quickly and smoothly to changes in illumination.

It was not all good news. DxOMark also had some criticism for the device.

Click here to read about the drawbacks of the Mate 20 Pro camera, and other positives.

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SA car wins
Dakar Rally

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The final stage of Dakar 2019 drew to a close at the bivouac in Pisco, Peru, and saw Toyota Gazoo Racing South Africa’s Nasser Al Attiyah and Mathieu Baumel bring home their South African-built Toyota Hilux for an historic victory. Not only was it a first win for Toyota, but it was also the first petrol-powered car to win the Dakar in the South-American era.

The Qatari driver ensured his French navigator, who turned 43 years old on Thursday, 17 January, received a great birthday present, when the pair arrived at the final time control of Dakar 2019 with teammates Giniel de Villiers and Dirk von Zitzewitz in close formation. The two Toyota Hilux crews completed the entire stage together, as De Villiers / Von Zitzewitz waited nearly 55 minutes for the leaders to start the stage, in order to shadow them to the finish.

The emotions bubbled over for Team Principal Glyn Hall, who found himself without words as his two crews drove into the media area after the time control. “This victory was long overdue,” he finally managed, before being swamped in a sea of well-wishers.

The winning driver, however, was much more vocal: “We are so happy to win the Dakar – not only for ourselves, but also for Toyota and the entire Toyota Gazoo Racing SA team. Everyone has worked so hard for so long, and really deserve this. Thank you for letting us drive this car.”

Toyota Gazoo Racing SA led Dakar 2019 from the first to the last stage, with Al Attiyah/Baumel drawing first blood, before handing the mantle to De Villiers / Von Zitzewitz during stage 2. But then a disastrous Stage 3 saw the Qatari retake the lead – a lead he didn’t relinquish despite some of the toughest stages yet seen on any South-American Dakar.

“When we first heard that the rally was going to take place only in one country, we were skeptical,” said Hall after regaining composure. “But the organisers made sure that this year’s race will long be remembered as one of the toughest tests in the last decade.”

Al Attiyah / Baumel’s victory at Dakar 2019 means that Toyota Gazoo Racing has now won both of the world’s toughest automotive races – the 24 Hours of Le Mans, and the DakarRally.

Click here to read Glyn Hall’s comment on winning the Dakar Rally, as well as the rankings.

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