blockchain banking

What is an EBAN?

What is an EBAN?

Virtual banking, e-banking, wallets, payment apps, blockchains: The future of financial technology is anything but certain. With new competing forms of online banking and payments lowering the barrier to access, many barriers still exist to moving funds between platforms, countries, and currencies. As a consequence, users are forced to choose which platform to be a part of. So how does the user make a choice? What if it making a choice was unnecessary?

Financial technology is undergoing a game changing disruption. In the emergence of the new “Open Finance” paradigm that blockchain technology represents, there is a need for consensus on the new rules. These convergences happen around ideas, and around those ideas which create opportunity. The EBAN is just such an opportunity.

EBAN: The “Electronic Bank Account Number”

Just like the EMAIL address, the EBAN address is designed to make it easy to send transactional messages in the new era of electronic and digital finance. The proposed standard removes the need for exclusive choice among services for users, making it easier to participate in the new “Borderless Economy”, and removing limits to offering financial services or assets across the globe. Not only will the EBAN help users, but this common standard better facilitates inter-ledger transactions made possible by next generation multi-blockchain technology. 

Currently businesses, travellers, and immigrants face enormous cost to move funds around the globe. Enormous cost savings and more efficient markets are just two of the many benefits of the EBAN standard adoption. In a nutshell, the EBAN promotes global exchange and trade in a new “Borderless Economy”. 

How it works

The EBAN is a standard convention for addressing financial accounts that is compliant with cryptographic standards for blockchain ledger accounts. The convention supports legacy account data allowing service providers to bundle account information into EBAN addresses, creating the opportunity for “service layers” to bridge the gap between existing and next-generation financial systems.

The end result will allow users to address funds across blockchain ledgers and legacy banking systems which support the standard on a common platform. This ultimately eliminates most of the friction and cost caused by relying on old banking systems and centrally controlled blockchain exchanges to handle inter-ledger transfers of funds.

This standard proposal to the financial services and blockchain industry leverages the easy understanding and consistency with the e-mail convention. The resulting opportunity for rapid adoption needs only consensus among a few key players to begin the snowball effect of such a clearly identifiable value proposition as the EBAN.

The opportunity for leadership in a global financial and economic paradigm shift for those organizations and agencies which work together to develop consensus on open standards, will be clear market leaders with early adopter market advantages and opportunities. The value of such a standard is clear, and the EBAN opens the door to this opportunity.

Read more here.

  • Barclays
  • Techstars
  • Nestholma
  • Nordea
  • Tekes
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