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Banks need to understand blockchain technology and explore its long-term benefits, according to the head of group payments and operations at the Bank of Ireland and chairman of the European Banking Association (EBA) working group.

Speaking at EBA 2015, a networking and research event which gathers European payment professionals, Vincent Brennan told Finextra:

During the interview, Brennan outlined the advantages of a decentralised ledger such as the blockchain in terms of foreign exchange remittances, faster payments and collateral management.

Brennan’s statement follows the publication of the EBA’s Crypto technologies, a major IT innovation and catalyst for change report, which highlighted the blockchain’s potential to improve banking, reduce costs and improve product offerings.

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