Posted by Business Insider on Wednesday, June 29, 2018 08:53:48IBM Switch is now the first major computer company to switch to a proprietary, proprietary ledger system, called PPC, as it expands its own line of banking products.IBM has been one of the biggest players in the global banking space, but its Synchronity Bank has long been considered a competitor, with rival banks using PPCs to manage money, while also maintaining a competitive edge.
IBM is now shifting its financial strategy away from the bank’s existing PPC products to one that uses a new technology, called IBM Curve.IBI Curve is designed to make it easier for banks to process transactions and is designed with customers in mind.
The bank’s main competitor, IBM, has been developing a proprietary version of the ledger system for years, and IBM Switch will be the first to use it.
IBM has been working on the technology since 2016, but it wasn’t until recently that it began to roll out its own version of Curve, called a PPC.IBB, the bank that manages all of the bank assets, says it is using Curve in order to help speed up the bank and provide better financial services for customers.
“This is the first time that a major financial institution has embraced a technology that is built on the foundation of the PPC,” says David McKeon, a bank spokesperson.IBD’s McKeont told Business Insider that Curve is the only PPC available to banks.
He added that PPC is also the technology that will be used by banks to manage and secure their assets.IBR Bank, another bank that uses PPC in its banking product, said in a statement that it has been using the technology for years.
It said the bank plans to launch Curve in the coming months.
“We’re very excited to use the IBM Curve product to make our customers’ life easier by making the process of managing assets faster and simpler,” says Michael Tackett, a spokesman for IBR Bank.
“By making the asset management process easier, customers can make more money by being less risk averse,” Tackette added.IBRs banking services will use the PSC for managing their clients’ assets and transferring assets.
The banks say the PCC will also be used to process money from customers’ accounts and for settling transactions.IBr Bank says it will use Curve in “a number of ways,” including in its “Smart Asset Transfer” and “Smart Transaction” products, which it describes as providing a “better, faster, simpler way to transfer money from one bank account to another.”IBR said it will soon begin offering its customers “Smart Account Transfer,” which will allow them to “change accounts with friends and family” as well as “change their personal, business, and non-financial assets.”IBr said it plans to offer its customers a new, “Smart Transfer” that will allow customers to “add up to five individuals to one bank accounts or accounts in a portfolio, including a child account, and then move the money to one of those accounts.”IBs new service is a new addition to IBM’s portfolio of financial services that includes its new i-Money product, as well its i-Credit product, and its iMarks service, which allows customers to use a phone to sign a transaction.
The PPC technology has already been used by several major banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Ally.