Quisk, Inc., headquartered in Silicon Valley and provider of a secure digitized cash payment network for banks and financial institutions around the world, announced today that it will begin incorporating Blockchain technology into its platform.
Quisk will store all transaction ledgers on a Quisk Blockchain accessible by its banking customers. These banks will be able to seamlessly access transaction details from their backend operations, including merchant settlement and core banking reconciliation.
Praveen Amancherla, Quisk’s Chief Technology Officer, says that the addition of Blockchain distributed ledgers will enhance Quisk’s data integrity. “We are excited to be leveraging the tremendous power of Blockchain technology to propagate trust among our customer banks. This technology eliminates barriers, giving banks the ability to easily and securely access their transaction data,” he said.
“With this addition, Quisk transaction data becomes even more accessible to our customers,” according to Mr. Amancherla. “From here on, Blockchain will drive the Quisk Data APIs for our bank customers, supplementing Quisk’s Payment Services APIs. Quisk believes that Blockchain is the ’next Internet’ for the financial industry, and the tools to retrieve data from Blockchain will soon be as ubiquitous as web browsers.” Banks that leverage the Quisk Blockchain can use their existing customer touchpoints to accept or distribute money; or alternatively they can use Quisk’s existing “last mile” customer touchpoints on POS, online, SMS and mobile channels.
Cross-border remittances represent another market that Quisk CEO Steve Novak says is primed for disruption by Blockchain technology. “Most remittances involve multiple parties, and are slow and expensive. Blockchain provides a means by which we can streamline the process, thereby making these transactions faster and cheaper for the parties involved.” Mr. Novak notes that “unlike Bitcoin based transactions, the Quisk Blockchain will facilitate cross-border remittances in a regulated environment. “