Head of R3 Shares Perspective on Banking Amid Pandemic

David Rutter is in charge of R3 and shares his perspective on the current environment; he stated to City A.M, “During crisis periods, when markets go through extreme stress, you see where the cracks are, and there are solutions that exist to avoid them. [This crisis] may be an accelerant for the deployment of new technologies.” There has been a lot written lately about the backlog of loan applications at the large banks as small businesses desperately seek funding; Rutter believes that the current crisis will force banks to change their technology systems once they have the opportunity to reflect on this time; R3 believes they can solve some of these pain points with their Corda blockchain platform; Rutter has apparently been spending time with governments and other organizations to help during this crisis but wouldn’t go into detail on specifics. City A.M.

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