Deloitte integrated with Stellar to launch a Digital Bank application enabling instant cross-border payments for consumers and businesses, with transactions resolving in around 5 seconds and plans for multiple financial institution partnerships by 2017.
Deloitte, a major professional services firm, launched the Deloitte Digital Bank built on Stellar at the Consensus conference in May 2016. The platform serves two segments: consumers via a custom iOS mobile app that enables peer-to-peer payments after identity verification, and businesses through a web portal with invoice tracking and reference numbers. All transactions settle in approximately 5 seconds, compared to the traditional 3-7 day settlement times. Deloitte positioned Stellar as central to its Digital Banking transformation strategy and reported interest from top US banks and international institutions, with plans to have multiple projects in flight with financial institutions by 2017.