At the end of May, ABN AMRO Clearing Bank (AACB) and BUX signed a contract which will among others allow BUX to incorporate AACB’s blockchain-based solution into BUX’s to-be-launched investment app. Key to this solution is that BUX customer’s money will be held by AACB in an individual blockchain bank account using AACB’s innovative Banking as a Service (BaaS) platform, launched by AACB last year. After a successful pilot, BUX is AACB’s next, and largest client to-date to incorporate the BaaS platform. BaaS offers the advantages that cash flows are included in payment processes under regular supervision. Further, it reduces administrative costs for the organisation by eliminating escrow account management costs.
The core NautaDutilh team that advised AACB on the legal aspects of this blockchain-based solution for BUX consisted of Sven Uiterwijk and Marjolein van Well, with Frans van der Eerden as responsible partner.
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