The EU’s Efforts To Revolutionize Its Banking Sector

Blockchain startup Attic Lab and the digital institution Polybius Bank have entered into an agreement for the bank to make Attic Lab’s openbankIT blockchain payment platform available to its customers. The openbankIT platform is an open-source blockchain-based international banking system for private issuers and e-money projects.

Polybius Bank, the self-proclaimed “first European bank specialising in financial services for companies dealing with cryptocurrencies and blockchain worldwide,” utilizes blockchain technology to offer services such as cryptocurrency secured credits, investment portfolio creation based on cryptocurrencies, and personal identification.

Attic Lab co-founder Pavel Kravchenko has added that the bank will be fully prepared for the Payment Services Directive – a set of common payment standards administered by the European Commission throughout the European Union and European Economic Area.

“The bank will be ready for the Payment Services Directive (PSD2) and will offer ‘flexible and programmable APIs’,” said Kravchenko.

The collaborative effort of Polybius Bank’s foundation includes CryptoPay, a cryptocurrency payments firm; HashCoins, a blockchain innovation firm; and Ambisafe, a developer of Ethereum executable distributed code contracts. Kravchenko stated, “We are looking for international partners who want to launch their own digital asset system. It includes everything – ledger, processing, mobile apps, e-commerce plugin, back office etc – all free.”

The agreement with Polybius Bank is one of the latest collaborations that Attic Lab has announced over the course of the past year. In September 2016, Attic Lab unveiled its Ukrainian-specific open source SmartMoney blockchain platform and attracted the attention of two financial institutions in the country, Alpari Bank and Bank Alliance. In early 2017, the two banks struck deals with Attic Labs to implement blockchain-based e-money infrastructure that complies with the Ukrainian national payment system, Prostir.