Toronto-based Canadian Imperial Bank of Commerce (CIBC) is teaming up with Australia-based National Australia Bank (NAB) and Israel-based Bank Leumi in a bid to drive innovation co-operatively.
The banks announced on Wednesday that they have formed a strategic partnership that will allow them to collaborate and “share aspects of their proprietary innovation strategies,” with a focus on enhancing client experiences.
The arrangement will allow the three banks to share information, develop innovative products and services together, and to exchange employees working on innovation in the various firms.
“We have created a culture of collaboration among teams to drive innovation inside our bank and formed important external partnerships with innovation hubs and fintechs to help us build the bank of the future for our clients,” says Stephen Forbes, executive vice president and chief commercial officer with CIBC, in a statement. “This alliance further strengthens our leadership position in innovation and broadens our access to global insights and talent in this fast-moving space.”
The banks already have some history together. CIBC and NAB participated in a test earlier this year to transfer money on the blockchain. They were part of a test of Ripple blockchain technology, which moved money between Canada and Australia.
“We’re excited to be working with CIBC and have already partnered with them in using Ripple’s blockchain technology to complete international payments transfers between our banks as a proof of concept,” says Jonathan Davey, executive general manager, NAB Labs, in a statement.
Meanwhile, Bank Leumi considers “the alliance as the beginning of a wider collaboration with NAB and CIBC in future programs,” says Dan Yerushalmi, the firm’s first executive vice president, group chief technology information officer and chief operating officer.