Insurance giant Allianz will test the internal token to transfer money between their branches, in order to avoid currency conversion and other operating expenses. Development of a «token Allianz» was conducted in partnership with blockchain startup Adjoint, which created for the project blockchain closed source.
Folk Oliver (Oliver Volk), an expert on the blockchain in the reinsurance division of Allianz and the insurance representative blockchain consortium B3i, confirmed that the token is in development.
«Yes, we think about the token for Allianz, through which the money will be converted into a token. But this is a very serious task and we do not know what the regulatory consequences it may entail».
Folk said that the token Allianz would be «very useful for getting rid of restrictions of currency exchange and other things that we need to optimize, especially when it comes to certain currencies in which we do not accept in our headquarters and are forced to convert». He said that the token will allow you to rely less on the banking system, which will lead to savings on commissions, and can also be used Allianz worldwide (Fortune 500 works in 100 countries).
Internal digital token is a project of Allianz Global Corporate & Specialty (ACGS), the B2B division of the company. He appeared in the blockchain of the project Allianz insurance on the links for payment using API CitiConnect company CitiGroup. Alan Cabello (Cabello Alan), Manager of innovative programs for Central and Eastern Europe Allianz AGCS, said that the idea of the token originated from his previous prototype, made for Captiva and retrocesso practices of reinsurance that a company performs for another.
«In fact, we are talking about a legal way of moving money from one part of the world to another,» said Cabello. «Because of the regulation and control normally you need to transfer them from one company to another and the next, and it takes time. And it goes beyond two or three days, usually by Bank transfer. It takes time for every participant registered the transfer, confirmed the transaction, it requires great effort».
This problem is widespread, said Cabello. «Every major industry and every major company has problems with the transfer of money to the other end of the world.»
According to Volk, the team Allianz has estimated the number of emails that one organization was sent to transfer a certain sum of money, and it exceeded 2000. Customers regularly ask where their money is, which is another reason for Allianz to be thinking inside the token.
Cabello stressed that the token running on the blockchain, has nothing to do with cryptocurrencies. «He pegged to the dollar,» said Cabello.