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South African Bank Running Bitcoin Pilot Internally

Avatar Jayanand Sagar 6 years ago

Switchless Logo

Switchless is a start-up firm that is hoping to allow traditional financial institutions to bring bitcoin to their existing customers, and at FinovateEurope 2014, the company showed off a pilot of their product being run internally at Standard Bank of South Africa.

Switchless’ pitch: “Our proprietary modular enterprise software allows for partial or full integration into existing financial infrastructures, giving financial institutions maximum flexibility for the unique and complex requirements they face.”

The company’s software currently offers the following modules:

  • Brokerage: Buy and sell bitcoin using traditional fiat currency. According to Switchless, their broker system “searches for the best pricing globally and offers instant and reliable execution”
  • Storage: Secure cold storage of bitcoin
  • Merchant: Merchant services that will allow customers to accept bitcoin for goods and services “at competitive rates”
  • Controller: “Manages the account level end-user environment. It controls interactions with existing banking infrastructure such as online banking and KYC verification, the Broker, Vault and any other Switchless or external modules”

While images show a screenshot of ‘Standard Bank | Bitcoin’ logo, it’s a possibility Standard Bank will move this program beyond an internal test, but nothing has been announced nor confirmed.. You can view some images of the integration here at the Finovate page.

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