Deloitte is pioneering an integration project combining Ripple’s protocol and Temenos’ core banking software for direct bank-to-bank settlements in real time.

Deloitte says the overall objective of the Ripple integration is to enable financial institutions to send payments, either in local or foreign currency, in real time without relying on intermediary banking relationships.

Ripple offers a version of the blockchain protocol which has been “fully integrated” into Temenos T24 – through the Bluzelle Altitude Gateway.

The firm says the project “dramatically” changes the way international payments are being managed and processed, as Ripple’s technology “reduces fees, transaction times, and the need for liquidity”.

Patrick Laurent, partner and technology leader at Deloitte, says: “The new-generation customer is now driving change in banking and soon he will no longer accept to wait for three days for an international payment to go through.”

Deloitte worked on the project with Bluzelle – a software company based in Canada and Singapore – which builds blockchain and distributed ledger solutions for the financial industry.

Deloitte says the European Payments Council is expected to develop a scheme for instant payments in euro by November 2016 and implement it by November 2017, based on SEPA CT (Single Euro Payments Area – Credit Transfer), and available for all payment service providers in Europe.