This is really interesting. I wonder if they would work to try to create a standard? If every bank creates their own blockchain system, that would only perpetuate or complicate inter-bank transactions.
I think this will come eventually. Ultimately I think they want to use the blockchain concept in order to make settlement easier. Ideally this should mean that a bank's retail and commercial customers should never know that settlement is taking place using a blockchain. Though there's always exceptions.
Bitcoin delivers value in that its blockchain is secured by mutual participation among miners, exchanges, buyers and sellers, etc. All of these new commercial, independent "blockchain technology" buzzword press releases can only succeed if they can attract and sustain a critical mass of participants who have mutual interest in its success. It's not for me to say that they can't do that, I'm sure they can. But there will be many offerings over the next few years before a VHS/Beta or HD-DVD/BluRay battle of titans can emerge.
EDIT: disregard most of this, according to comments elsewhere they're using Ethereum. shrug
EDIT: re-regard most of this, apparently it's a private instance of Ethereum (IMO this is similar to Bitcoin's same-PoW altcoins).
