David Rutter is in charge of R3 and shares his perspective on the current environment; he stated to City A.M,...
A blockchain trial has been completed with leading UK banks Barclays and RBS along with R3-affiliated Instant Property Network (IPN); the...
The pilot occurs after a successful proof of concept in September with BNP, Commerzbank and ING; they hope to expand later this year with more banks, credit insurers and enterprise planning and logistics providers; they are looking to address risk mitigation, payables finance and receivables finance; “The technology ran fast and smoothly and the positive results showed us we are on the right track and ready to take the next step by entering into a pilot," said Ivar Wiersma, head of innovation at ING Wholesale Banking, to CoinDesk. Source.
R3 has reported it will focus on its Corda platform; the firm was developed to create blockchain inspired solutions; in comments regarding Corda, R3 Managing Director Charley Cooper says, "It is heavily inspired by and captures the benefits of blockchain systems, but with design choices that make it able to meet the needs of regulated financial institutions."; R3 refutes any wasted efforts on blockchain research saying it never intended to use blockchain technology directly; Cooper also notes, "We've said from the beginning that while Corda is a distributed ledger platform, it is not a traditional blockchain platform and was never designed to be one." Source
R3 is making its blockchain code base publicly available, in an effort to drive standards for the technology; its "Corda" platform code will be stored starting November 30th as part of the Hyperledger open-source project, which is run by the non-profit Linux Foundation to encourage cross-industry experimentation and adoption of blockchain; R3's Chief Engineer, James Carlyle, explained, "If we have one platform with lots of products on top, then we get something that's more like the internet, where we still get innovation but we can still communicate with each other."; in related news, R3 and 12 of its bank members recently trialed Ripple's Digital Asset XRP platform for interbank cross-border payments. Source
Finastra, R3 and seven global banks are teaming up to build a blockchain based marketplace for syndicated loans; banks include BNP Paribas, BNY Mellon, HSBC, ING and State Street; Fusion LenderComm, which uses R3's Corda platform, will be able to handle real-time credit agreements, accrual balances, position information and transaction data. Source.
R3 has reported that it is leading a $150 million funding round for a blockchain investment which is expected to close in the first quarter of 2017; the funding will be the largest investment in the blockchain industry; R3 is a blockchain banking consortium with over 100 employees in nine countries; it now has 77 members and will be involved as an adviser on the Depository Trust and Clearing Corporation's integration of a new blockchain solution. Source