Stratis is excited to announce it is now a Technical Service Provider for the Open banking technology platform. For those who are unaware of Open banking, current partners include CMA 9 (the nine largest banks in the UK) and over 6million active users in the UK. Open banking connects banks, third parties and technical providers – enabling participants to exchange data simply and securely to their customers’ benefit. They provide the trusted framework for collaboration, enabling the delivery of better value and innovative services.
The importance of standards for both interoperability and simplified integration is very much understood within Stratis and is why they sought to join Open banking. This membership enables Stratis to begin leveraging a worldwide banking standard for their stable-coin solution, removing complexities, and ensuring adherence to standards.
Stratis has now completed the development of the solution, enabling a stable coin to be issued upon the public and decentralized Cirrus Blockchain. Now, with access to the Open Banking directory sandbox, Stratis can begin to further integrate into the service and provide great value for future clients and partners. As highlighted previously, Stratis’ vision for a stable coin is not based upon new age algorithms, instead its solution ensures that tokens are minted as collateral becomes available, thus ensuring that each token represents its intended value.
Stratis plans to release an GBPT Portal on its test network (CirrusTest) to demonstrate how simply and efficiently tokens can be minted by mocking deposits in a banking account. This is a fantastic step forward for Stratis and it’s exciting to see what the future holds.