Credit-card issuer Synchrony Financial joins blockchain group

(Reuters) – Synchrony Financial said on Monday its has joined R3, a group of companies working on blockchain technology, making it the first credit-card issuer to join the consortium. Blockchain is a web-based transaction-processing and settlement system whose efficiency banks say could slash costs. The first cross-border transaction between banks using multiple blockchain applications took place on Monday, Commonwealth Bank of Australia and Wells Fargo & Co said, resulting in a shipment of cotton to China from the United States.

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