Three banks across continents – Canadian Imperial Bank of Commerce, National Australia Bank and Bank Leumi Le-Israel – have formed an alliance to develop digital technologies faster and cheaper. The three banks agreed to share information, co-develop products and services and swap employees in areas of payments, digital banking, cyber security and emerging financial technology. An agreement was signed in Tel Aviv recently. According to Stephen Forbes, chief commercial officer, CIBC, it really helps banks to look at where they can co-collaborate, co-develop, share costs, share infrastructure and share talent to get to market faster, cheaper. CIBC and National Australia Bank spent the past two months testing Ripple Labs blockchain technology to move money between Canada and Australia, becoming part of a small group of banks that have done a cross-border blockchain transfer.
