15 R3 Members Trial Distributed Ledger Tech for Trade Finance
Banking consortium R3CEV revealed today that 15 of its members have completed a distributed ledger trial focused on applications in trade finance. The test reportedly focused on how its distributed ledger platform Corda could be used in accounts receivable invoicing and letter-of-credit (LC) transactions. Further, it follows news that Bank of America, HSBC and the Infocomm Development Authority of Singapore completed a similar trial today using software created by the Linux-led Hyperledger project. In statements, CEO David Rutter cited the announcement as evidence of the power of the....
Related News
Corda, the distributed financial ledger solution created by R3 led banking consortium can drastically reduce the time taken to process transactions, increasing profits by 10%-15%. R3 Blockchain Consortium, a group comprising over 50 major financial and tech institutions across the globe, has been successful in solving various trade challenges using the blockchain technology. The New York-based fintech firm has recently announced an unprecedented success with its Corda distributed financial ledger. The trial involving invoice financing and letter of credit transactions was conducted in....
The Bank of Ireland, in collaboration with services firm Deloitte has successfully completed a joint proof-of-concept blockchain trial. The trial demonstrated the implementation of a distributed ledger as an accessible data layer, over existing financial systems while focusing on trade reporting. In a press release communicated to CCN by the Bank of Ireland today, the bank has, in partnership with Deloitte, announced the completion of a proof-of-concept blockchain trial. The successful trial demonstrated the means for distributed ledger technology to enable banks to combine the innovation,....
London-based Standard Chartered and Singapore-based bank DBS have partnered together to develop a distributed ledger for trade finance in Singapore after successfully testing the technology among each other. As reported by Bloomberg, the two banks are coming together to work and develop a distributed ledger in order to make transactions simpler and more transparent in trade finance. The publication adds that the two banks have tested the distributed ledger between themselves, successfully, and will invite other companies to collaborate with the now proof-of-concept system in 2016. The....
The central bank of Russia has successfully completed a distributed ledger trial. Dubbed "Masterchain", the Bank of Russia described the system as "a technical prototype for financial messaging" that uses a distributed ledger built with participation from undisclosed market participants. The prototype, it further said, provides a means to pass financial information between parties, ensuring "prompt confirmation of data actuality". According to bank representatives, the prototype could serve as a basis for future systems, enabling the development of new....
The Post-Trade Distributed Ledger (PTDL) Group, an initiative launched last year by banks, clearing houses and exchanges, has taken steps to formalize its operations and make clear its memberships and organization. Announced today, the PTDL Group now has 37 financial institutions as members, with its organization committee being composed of CME Group, Euroclear, HSBC, the London Stock Exchange and UniCredit. Although the full list of members was not revealed, LCH.Clearnet, Société Générale and UBS are among others that have been said to be participating. Also revealed is that Ernst &....