Three French Global Banks Join R3 Corda Blockchain Platform

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The British financial software company Finastra has added three global banks to its own syndicated credit platform R3 Corda Blockchain. It was officially announced on May 14th.

Immediately Exchange Data

Three French banking institutions – BNP Paribas, Natixis and Société Générale – have officially joined the Finastra’s Fusion LenderComm platform after prototype testing in 2017.

Based on a report by R3 Corda Blockchain Enterprise, Finastra Fusion LenderComm immediately allows banks and lenders to exchange credit agreements, balance sheets, and position data.

Cecilia Bartenev, CEO of the French bank Société Générale, pointed out that the Fusion LenderComm initiative will ensure greater transparency and efficiency in the syndicated loan market. Adding that that is “an example of how blockchain technology can help banks optimize the flow of financial transactions.”

Other Partnerships

The UK bank NatWest integrated the Fusion LenderComm platform in October 2018.

Also, the popular Brazilian bank Banco Bradesco has joined the R3 Marco Polo blockchain network. Other member organizations are BNP Paribas, ING and Sumitomo Mitsui Banking Corporation.

Recently, Nordea, a Nordic private bank, has announced that it will expand its blockchain platform for small and medium-sized enterprises (SMEs). The platform aims to increase confidence in cross-border business with SMEs

About Corda

Founded in 2016, Corda is a open source blockchain platform. Corda removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security. From its inception, Corda was built specifically for business.

Because Corda was designed for production from the very start, companies with a relatively simple IT structure and network can go live on it. Also, Corda encourages our their developer community to contribute to, consume, and build on Corda open source.

About R3

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries from both the private and public sectors. Corda is their open-source blockchain platform to which they invite their partners to develop on. Moreover, they also operate Corda Enterprise, a commercial version for enterprise usage.

Source:

https://kripto.media/tris-francijas-bankas-ir-pievienojusas-kreditu-platformai-r3-corda-blockchain/
https://www.r3.com/about/
https://www.r3.com/corda-platform/

Photo by Floriane Vita on Unsplash

Banks Rush to Issue Stablecoins With the Help of IBM and Stellar!

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On Monday, March 18, 2019, six international banks signed up for the new Stellar – IBM’s blockchain-powered payments network “World Wire” to issue their own stablecoins. At the moment, World Wire has over 44 banks on their service. Their primary aim is to enable near real-time international settlements between banks.

Blockchain World Wire

It is a distributed ledger technology payment system which just went live. It will provide an infrastructure for clearing and settling cross-border payments in almost real-time. Also, at the same, time will reduce transaction costs. This will be done by removing third-party intermediaries from the process. IBM claim that they are handling around 60% of the world’s transactional systems. This provides World Wire with a advantageous head start. Moreover, BWW currently supports more than 47 currencies across 72 countries.

Six Banks Already Applied

It looks like JPM Coin started a new trend – banks issuing their own coins. At the moment, thanks to Stellar and IBM, Banks can easily apply to their own stablecoins that would be pegged to their native currencies. So far Brazil’s Banco Bradesco, South Korea’s Bank Busan, Philippines’ Rizal Commercial Banking Corporation and three other banks have filed an application.

“We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments,”

says Jesse Lund, the head of blockchain solutions at IBM.

Stellar to Issue its Own Stablecoin

Also, IBM partners with Stronghold, a Stellar-based, USD backed asset. They are also in the talks of developing their own Stellar network’s first stablecoin. It would disintermediate legacy bank settlement systems by introducing the XLM token as an efficient, immutably-tracked settlement instrument for fiat currencies between institutional parties.

“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions,” says Lund. 

Source:

https://cointelegraph.com/news/six-global-banks-sign-up-to-issue-stablecoins-on-ibms-now-live-blockchain-network
https://cointelegraph.com/news/fast-seamless-the-race-for-the-cross-border-payments-market

Photo by Floriane Vita on Unsplash