One of the major bank of Brazil, Banco Bradesco has been the the latest institution to join R3’s Marco Polo blockchain network. The R3 is a trade and finance network with major banks such as BNP Paribas, ING and Sumitomo Mitsui Banking Corporation among others. Daniel Cotti MD of Banking & Trade for the Marco Polo Network outlined the impetus for the creation of a blockchain-powered trade finance network, noting that today’s trade processes are compromised by a lack of connectivity.
A trade finance network on R3’s Corda blockchain platform, Marco Polo has recently welcomed a new member located in Austria named Raiffeisen Bank International. The CEO of R3, David E. Rutter explained, “The Marco Polo initiative addresses this by utilizing the latest blockchain technology to meet these issues head-on. Marco Polo will improve Raiffeisen Bank’s trade finance efficiency and transparency as well as offering a wide range of solutions in this area.”
R3 has confirmed in a press release regarding the development process of the company that over 50 banks have participated in the simulation of letter of credit transactions on R3’s blockchain platform in 27 countries on six continents. This indicates that blockchain technology has begun to be accepted among the financial institution around the world such as MUFG, National Bank of Egypt, RBI and many more.
R3 (an enterprise software and blockchain company) joins hand with The China Academy of Information and Communications Technology (CAICT) to create apps and solutions on Corda blockchain platform. Kai Wei, Director of Big data and Blockchain at CAICT said, “I’m very happy to witness the cooperation between CAICT and R3 for the establishment of a cooperative partnership,”
R3’s Corda blockchain platform has been chosen by SIX Digital Exchange (SDX) to provide the underlying technology for its digital asset listing, trading, settlement and custody service. Sven Roth, member of the management team at SDX, said: “We felt Corda Enterprise was the best fit for the scale and breadth of service we envisage with SDX.”
R3 Corda will replace Hyperledger in MonetaGo, a company that builds private blockchains for financial institutions and central banks. MonetaGo CEO Jesse Chanard told “As we looked at the different scalability pieces of Hyperledger, we saw that it could get challenging… after some test on Corda, we realized at least in this specific case, it made a lot of sense.”
A press release revealed that the blockchain consortium R3 has welcomed the Wall Street Blockchain Alliance (WSBA). WBSA has joined the blockchain consortium R3 to establish an application and solutions on their Corda platform and aims to advocate a strategic approach in collaborating with regulatory bodies so that financial markets can gain the full benefits of blockchain’s capabilities.
A short-term debt instrument transaction was settled on Corda blockchain platform with the involvement of four banks namely Commerzbank, ING, Natixis, and Rabobank. Reportedly, the transaction was worth €100,000 worth euro commercial paper (ECP). Natixis was the issuer of the instrument, Rabobank as the investor, ING as the dealer and escrow agent. Commerzbank was the provider of technical support.
R3 has launched Corda Settler, an application which allows the user to make payment across the globe opens with XRP cryptocurrency. The app works by verifying that the beneficiary’s account was credited with the payment, and simultaneously updating the Corda ledger. R3’s CTO Richard Brown says, App will be soon open to all forms of crypto and traditional assets.
Finacle, the subsidiary of Infosys, has partnered with R3 blockchain company focusing on the blockchain solutions. The association is aimed to support banks to access and embrace Finacle’s blockchain solutions on Corda. The Chief Business Officer of Finacle expressed, “We are pioneering several blockchain-based solutions to help drive progress in the industry.”