Silicon Valley-based Quisk, Inc., that provides secure digitized cash payment network for banks and financial institutions, announced that it will start deploying blockchain technology into its platform.

The move is intended to enhance data security and integrity for merchant settlement, core banking reconciliation, as well as cross-border remittances for Quisk’s customers in financial institutions. The company will store all transaction ledgers on a Quisk Blockchain that can be accessed by its banking customers.

“We are excited to be leveraging the tremendous power of blockchain technology to propagate trust among our customer banks. This technology eliminates barriers, giving banks the ability to easily and securely access their transaction data,” Praveen Amancherla, Quisk’s Chief Technology Officer, said. “With this addition, Quisk transaction data becomes even more accessible to our customers.”

After the incorporation, banks can use their existing customer touchpoints in order to accept or distribute money. They can alternatively use Quisk’s existing “last mile” customer touchpoints on POS, online, SMS and mobile channels.

Amancherla further stated that blockchain technology will drive the Quisk Data APIs for bank customers by supplementing Quisk’s Payment Services APIs. The company believes that this nascent technology is the ‘next Internet’ for the financial industry and also, the tools to retrieve data from blockchain will soon be as ubiquitous as web browsers.

“Most remittances involve multiple parties, and are slow and expensive. Blockchain provides a means by which we can streamline the process, thereby making these transactions faster and cheaper for the parties involved,” Steve Novak, CEO of Quisk, stated, referring to cross-border remittances. “Unlike Bitcoin based transactions, the Quisk Blockchain will facilitate cross-border remittances in a regulated environment.”