Launched in September 2015, R3 was born out of a common frustration amongst banks and other financial institutions with multiple generations of disparate legacy financial technology platforms that struggle to interoperate, causing inefficiencies, risk and spiraling costs.
Recognizing the power of distributed ledger technology lies in its network effect, we worked with the industry to build the largest collaborative group of its kind in financial markets.
Since then R3 has grown from a staff of eight finance and technology veterans with nine bank members to a global team of over 125 professionals serving over 100 global financial institutions and regulators on six continents. Our work is further supported by over 2,000 technology, financial, and legal experts drawn from our global member base.
Corda is the outcome of over two years of intense research and development by R3 and our members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. With Corda, participants can transact without the need for central authorities, creating a world of frictionless commerce.