American banking major Citi and stock exchange Nasdaq have unveiled a new integrated blockchain payment platform, which facilitates straight through payment processing and automates reconciliation.

The partnership leverages Chain’s blockchain infrastructure platform, Chain Core.

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According to the companies, a number of payments transactions have already been completed between Citi’s CitiConnect and Nasdaq’s Linq Platform.

Nasdaq CEO Adena Friedman said: “This new payment capability marks a milestone in the global financial sector and represents an important moment in the commercial application of blockchain technology.

“Through this effective integration of blockchain technology and global financial systems, we can realize greater operational transparency and ease of reconciliation, which can have profound implications for outdated administrative functions in the capital markets.”

The integration will provide a seamless end-to-end transactional process for private company securities. It will also enhance operational efficiency and ease of reconciliation with real-time visibility of payment transactional activity on the blockchain ledger, the companies said.

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Citi global head of treasury and trade solutions group Naveed Sultan said: “CitiConnect for Blockchain provides a crucial bridge between blockchain platforms and Citi’s global financial network. Our partnership with Nasdaq showcases Citi’s client-centric approach to innovation and is an example of how we actively engage with our clients to co-create innovative, leading and differentiated solutions for the global market.”