Allianz insurance giant develops its own payment token

Germany’s largest insurance company Allianz is developing a digital token for blockchain payments, similar to JPM Coin.

According to a company representative, the token aims to simplify and accelerate cross-border insurance payments for corporate clients in 200 countries and regions. However, the company claims that it is “not cryptocurrency.”

“The project team is at an advanced stage in the development of a token-based electronic payment system in order to provide seamless, transparent and instant money transfers for a number of different types of payments,” said a representative of Allianz.

According to the company, the token will be pegged to the US dollar in a 1: 1 ratio, similar to JPM Coin, which is equivalent to one US dollar and is also intended for “instant” payments between institutional customers of the bank. According to Allianz, the “basic” infrastructure has already been built and tested by the Allianz Global Corporate & Specialty (AGCS) business insurance division. The next stage of the project will be a test transfer of funds.

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Allianz joins a growing number of large companies that are studying blockchain for faster payments. For example, Signature Bank created a blockchain-based payment platform called Signet and attracted more than 100 customers who use it to send millions of dollars a day.

Goldman Sachs is also considering launching a token similar to JPMCoin. Do not also forget about the cryptocurrency Libra, developed by Facebook and faced with the active resistance of regulators around the world. In addition, last week, US retail giant Walmart filed for a cryptocurrency patent that shares some similarities with Libra.