NetCents, an electronic payments technology company, has entered into a strategic partnership with professional services firm Vanbex to accelerate adoption of blockchain technology to Canadian banks.

Under the arrangements, both the companies will leverage each other's expertise to develop the next generation of financial transactions by utilizing blockchain technology, to replace the over 30 trillion financial transactions per year currently processed by the Automated Clearing House (ACH) and the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

NetCents said it integrate Vanbex’s Genisys product, a blockchain-integrated payment platform that offers a turn-key transaction messaging system for cross-border payments, to work in conjunction with the SWIFT and Clearing House Interbank Payments System (CHIPS) protocols.

Clayton Moore, CEO and founder at NetCents Technology, said: "By Integrating Genisys with NetCents we will now be able to begin to introduce next generation processing for banking financial transactions by offering a solution that will update the current, antiquated banking transfer platform.

"By utilizing Vanbex's industry-leading blockchain-based product we will begin introducing these processing opportunities to the financial world, starting with financial institutions in Canada," Moore added.