Citi, HSBC Partner With R3CEV As Blockchain Project Adds 13 Banks
Distributed ledger startup R3CEV has added 13 new banking partners, bringing the total number of banks involved in its activities to 22. In a release, R3 revealed Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank had signed on to the project. R3 CEO David Rutter suggested in statements that the startups approach to collaborating with the market to lower the cost of delivering new blockchain initiatives was a factor in the deal.....
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Distributed ledger startup R3CEV has gained an additional three banking partners, raising the number of total banks involved to 25. Japan's Mizuho Bank, Nordea Bank - which operates in Northern Europe - and Italian bank UniCredit join the likes of Citi, HSBC, Barclays and Goldman Sachs in R3CEV's blockchain project which sets out to spread the use of the technology across the world's financial markets. David Rutter, R3CEV CEO, said in a statement:
BNP Paribas, Canadian Imperial Bank of Commerce, ING, MacQuarie and Wells Fargo are the latest major financial institutions to partner with distributed ledger startup R3CEV. With the announcement, R3 brings the number of financial institutions participating in its stealth initiatives to 30, with other major names including Bank of America, BNY Mellon, Citi, HSBC and Morgan Stanley, among others. Though details on the project are scarce, project representatives have indicated R3 is seeking to build what it calls a "global fabric of finance", or a blockchain or distributed ledger system....
A major global blockchain trade network welcomes one of Russia’s largest banks. Alfa-Bank, one of the largest private commercial banks in Russia, has joined a blockchain trade finance network backed by HSBC.According to an official announcement on Nov. 3, Alfa-Bank is the first Russian bank to become a member of Contour — a blockchain platform connecting the world’s major financial institutions like HSBC, ING and Citi. The network allows bank customers to track the processing and modification of trade finance transactions and cut operational costs. Evgenia Fomina, head of the Alfa-Bank....
Three more banks have announced joining the Distributed Ledger Group (DLG) and R3 Blockchain consortium that include Mizuho Bank, UniCredit and Nordea. What started out as 9 banks has already grown to a total of 25 major financial companies collaborating within the scope of the R3 Consortium. The roster now consists of Barclays, Bank of America, BBVA, BNY Mellon, Commonwealth Bank of Australia, Citi, Commerzbank, Credit Suisse, Deutsche Bank, J.P. Morgan, Goldman Sachs, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, Mizuho Financial Group, National Australia Bank, Nordea, State....
The Monetary Authority of Singapore (MAS) will soon test how it could issue digital currency using a blockchain-based interbank payment system. According to Bloomberg, the planned proof-of-concept will be supported by blockchain consortium R3CEV, as well as eight banks and an unnamed local stock exchange. The Development Bank of Singapore, HSBC, Bank of America, JPMorgan, Credit Suisse and Bank of Tokyo-Mitsubishi are all said to be participating. In a speech on Wednesday, MAS managing director Ravi Menon said the test could come to include other central banks. Further, he credited the....