Royal Bank of Scotland is in pursuit of a new blockchain project

The Royal Bank of Scotland has been hard at work trying to figure out a project they’ve been planning for a long time now. The project is supposed to touch the intricacies of the blockchain technology, therefore the RBS hired a former executive from Circle, a crypto finance firm.

The Royal Bank of Scotland is relying on Marieke Flament, the former European managing director of Circle to take care of their new project by the name of “Mettle”.

Flament will assume the position of CEO and lead the bank’s digital service for SMEs (small and medium-sized enterprises).

According to the RBS, Mettle has already been operating in the market for more than a year, but it never took the shape of an individual project, rather it was a feature on another one.

Flament is eager to tackle and revamp Mettle in order to provide financial disruption in the SME sector.

He mentioned that the opportunity that digital banking has with SMEs is enormous, and the RBS is engaging in a very serious undertaking to tackle this issue, however, he is also confident that Mettle has the mettle to improve the industry.

It is expected that the RBS will use the previously successful open source Corda platform and integrate it in Mettle, therefore providing instant payment options for SMEs dealing in international transactions.