15 R3 Members Trial Distributed Ledger Tech for Trade Finance

Fifteen R3 members announced today they have completed a distributed ledger trial focused on applications in trade finance.

AccessTimeIconAug 10, 2016 at 1:09 p.m. UTC
Updated Sep 11, 2021 at 12:26 p.m. UTC

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 startup's distributed ledger platform Corda.

Rutter said:

"These trials have proved that the blockchain-inspired technology used on our Corda platform holds the key to transforming trade financing for modern financial markets."

Barclays, BBVA, BNP Paribas, Commonwealth Bank of Australia, Danske Bank, ING Bank, Intesa Sanpaolo, Natixis, Nordea, Scotiabank, UBS, UniCredit, US Bank and Wells Fargo were said to have been involved in the effort.

Trade image via Shutterstock

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