R3 launches version 1.0 of Corda distributed ledger platform

  • Codebase developed in collaboration with 50 financial services and technology institutions

October 3, 2017 (New York/London/Singapore) – Enterprise software firm R3 today launches version 1.0 of its Corda distributed ledger platform, signalling a major milestone for the development and implementation of applications on the platform, known as CorDapps. The platform’s codebase has been developed in collaboration with 50 R3 member firms.  Corda v1.0 follows the open source release of the platform in late 2016. Having achieved stability of Corda’s core application programming interface (API) the foundation of the platform is now complete, meaning CorDapp developers can build on Corda v1.0 safe in the knowledge that any future improvements and enhancements to the platform will not disrupt their work. Corda is a blockchain-inspired platform that removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security. It is the outcome of over two years of intense research and development by R3 and its 100+ members. As an open source platform, Corda can be built on by third party providers who can then operate and earn revenue from distributed ledger applications using the platform’s common code and protocols to ensure unprecedented interoperability. This offers a direct alternative to the disparate legacy systems financial services institutions are forced to use today, creating unnecessary costs, risks and inefficiencies.  Richard Gendal Brown, CTO of R3, comments: “This is a significant moment for the evolution of distributed ledger technology. Most other platform providers don’t commit to this. Their early adopters risk being trapped in evolutionary dead ends as the platform evolves in incompatible ways. With Corda v1.0 we are protecting CorDapp developers from this fate – this is the firing of the “starting gun” for real development and deployments to start in earnest.”

David E. Rutter, CEO of R3, comments: “Corda is the most inclusive, open platform in the marketplace, and the launch of v1.0 signals to our rapidly growing ecosystem of partners that they can build on the platform with complete confidence. Time and budget can be invested in learning about, prototyping with and implementing Corda to realise both theirs and their clients’ business vision for DLT. The road to commercial deployment starts here.”

 About R3

R3 is an enterprise software firm working with over 100 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for businesses. R3’s global team of over 140 professionals in nine countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.

Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.

Press contact:

R3:
Nick Warren/Nick Murray-Leslie
Chatsworth Communications
+44 (0)207 440 9780
contact@chatsworthcommunications.com

Charley Cooper
R3
+1 929 329 1550
charley@r3cev.com

R3 and TradeIX develop open account trade finance DLT business network

September 26, 2017 (New York/London/Singapore) – Enterprise software firm R3 and trade finance technology firm TradeIX today announced an innovative initiative focused on the overhaul of open account trade finance infrastructure.

The initiative is a joint undertaking between R3, TradeIX, and twelve financial institutions including Bangkok Bank, Barclays, BBVA, Bladex, BNP Paribas, Commerzbank, CTBC Bank, ING, Intesa Sanpaolo, Shinhan Bank, Royal Bank of Scotland and Wells Fargo.

R3, TradeIX and the participating banks are developing an end-to-end open account trade finance business network which will be powered by TradeIX and R3’s Corda distributed ledger platform. The prototype will be customised to meet the needs of participants across multiple geographies, supporting the continued growth of open account trade whilst making it safer and simpler.

This initiative aims to provide cutting-edge open account trade solutions. These include a robust suite of trade specific APIs and technology tools, a sophisticated rules engine, and an open, standard core infrastructure for trade data, contracts, and transactions.

Financial institutions will be able to automate pre- and post-shipment financing and risk mitigation for corporate buyers and sellers around the world. In turn, corporate buyers and sellers gain access to light and flexible API-driven technology solutions that help simplify trade, improve visibility into trade flows, and provide access to much needed credit and risk mitigation services at critical points in the trade lifecycle. This infrastructure enables a higher degree of interoperability and is designed to integrate with existing platforms as well as R3 and other ecosystems.

The business network will also improve access to open account trade for the global ecosystem of banks, buyers, suppliers, technology providers, insurers, and other parties, such as logistics companies, that are critical to facilitating global open account trade flows.

The initial development phase involves creating standard trade finance smart contracts on a distributed ledger infrastructure. This provides secure and automated financing of supply chain using a single record for critical trade data including identities, purchase orders, invoices, shipping and logistics information, trade assets, financing activity, credit risk, and more. Following this phase, R3 and TradeIX will engage the broader ecosystem, expanding services and onboarding additional members.

David Rutter, CEO of R3, comments: “Earlier this year R3, TradeIX and a core group of R3 members teamed up to redesign the infrastructure behind open account trade finance utilising our Corda platform and the TIX-Platform of TradeIX. Existing trade finance infrastructure is in serious need of an upgrade, and this project is a big step towards the adoption of reliable, efficient and standardized processes for the entire sector.”

Rob Barnes, CEO of TradeIX, comments: “The business network provides the entire trade ecosystem with a smarter, more secure, and more transparent infrastructure that connects currently siloed parties and systems, standardizes and digitizes trade documents, data, and assets enables the convergence of trade data from physical, informational, and financial supply chains. This provides trading parties secure, easy access to rich, verified trade data, APIs, and powerful technology applications that will drive a paradigm shift in open-account trade finance.”

Ivar Wiersma, Head of Innovation Wholesale Banking at ING, comments, “In order to address emerging needs in trade finance, ING, R3 and other key members have come together to launch this initiative for open-account trade finance which enables flexible and efficient working capital finance solutions for our clients. As a member of R3 it is very rewarding to be part of this ground-breaking initiative.”

“We see this initiative as complementary with other initiatives and trade platforms. Building smart contracts to capture the SCF business logic on DLT is an essential step that will significantly boost the trade finance ecosystem. This consortium with R3 provides an excellent opportunity to work on this collaboratively.” said Marguerite Burghardt, Global Head of the Trade Competence Center, BNP Paribas.

“We are very excited about this new initiative, which has the potential to significantly boost the trade finance ecosystem,” said Bernd Laber, group executive Trade Finance & Cash Management Corporate Clients, Commerzbank. “This collaboration is our ongoing effort to constantly innovate the marketplace, whilst at the same time exploring cutting-edge technologies. Together with R3, other bank members and TradeIX, we aim to bring trade and supply chain finance business to the next evolutionary stage.”

R3 also announced that the International Trade and Forfaiting Association (ITFA) is joining the R3 network and will be involved in this project and others. ITFA is a global association for the trade receivables and supply chain finance industry with over 170 members.

Sean Edwards, Chairman of ITFA commented “We look forward to working with R3 and its members as an observer and adviser on this project as distributed ledger technology looks to change the way that world trade, and particularly receivables finance, is conducted. The digitisation of traditional trade payment instruments is a key step in modernising trade finance”.

About R3

R3 is an enterprise software firm working with over 100 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for financial services. R3’s global team of over 140 professionals in nine countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.

Corda is the outcome of over two years of intense research and development by R3 and its 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.

About TradeIX  

TradeIX is rewiring the $8 trillion trade finance market with the TIX Platform, an open platform providing applications, technology tools, and core infrastructure for the trade finance ecosystem. The TIX Platform enables trade finance parties to more easily, flexibly and efficiently connect to the broader trade finance market, including suppliers, buyers, service providers, B2B networks, credit underwriters and financial institutions. The platform provides benefits to all trade finance parties through enhanced funding opportunities, lower cost and reduced risk. For more information visit: www.tradeix.com. 

Press contact:

 R3:
Nick Warren/Nick Murray-Leslie
Chatsworth Communications
+44 (0)207 440 9780
contact@chatsworthcommunications.com

Charley Cooper
R3
+1 929 329 1550
charley@r3.com

 

TradeIX:
Oliver Belin
+1 404 428 1024
oliverb@tradeix.com

Banco de la República Colombia se vincula con R3 para fomentar innovación financiera

Agosto 29, 2017 (Nueva York/Londres/Singapur/Bogotá)El Banco de la República Colombia, formalizó un convenio con la compañía de software empresarial R3, que le permite conocer y experimentar los últimos avances en la tecnología de registros compartidos (Distributed Ledger Technology o “DLT” en inglés).

El Banco de la República Colombia, órgano del Estado Colombiano que ejerce las funciones de banco central, con autonomía administrativa, patrimonial y técnica, se convierte en el primer banco central Latinoamericano en aceptar la invitación de R3 para evaluar los beneficios de esta tecnología.

Además del Banco de la República Colombia, R3 ya trabaja con un número de bancos centrales y reguladores en todo el mundo.

Estas instituciones colaboran con más de 85 bancos, instituciones financieras, asociaciones comerciales, empresas de servicios profesionales y empresas de tecnología para desarrollar aplicaciones comerciales para la industria de servicios financieros que aprovechan los elementos apropiados de DLT.

Los miembros trabajan cercanamente con R3 para continuar el desarrollo de Corda™, una plataforma de registros distribuidos de código abierto para gestionar, administrar y sincronizar acuerdos financieros. Corda fue inspirada substancialmente y capta los beneficios de un “blockchain”, pero con ajustes en su diseño que la hacen capaz de satisfacer las necesidades de las instituciones financieras reguladas.

Fabio M. Pinzón, Director de Tecnología en el Banco de la República Colombia, comentó: “El surgimiento de blockchain como mecanismo para contar con bases de datos descentralizadas, seguras y sincronizadas, ha promovido la aparición de plataformas como la de Corda de la compañía R3. Es de interés nuestro, probar las bondades de esta tecnología para el manejo seguro y eficiente del intercambio de valores en el sistema financiero colombiano”.

David E. Rutter, director ejecutivo de R3, señaló: “Reconociendo que nuestros miembros operan en una de las industrias más reguladas del mundo, desde la creación de R3, hemos establecido activamente y priorizado nuestros vínculos con reguladores y los bancos centrales. Un modelo colaborativo de trabajo público-privado es crucial para acelerar la implementación de plataformas empresariales de DLT, como lo es Corda. Por lo que es un gran honor trabajar con el Banco de la República Colombia”.

Acerca de R3

R3 es una empresa de software empresarial que trabaja con más de 85 bancos, instituciones financieras, reguladores, asociaciones comerciales, empresas de servicios profesionales y empresas de tecnología para desarrollar Corda, su plataforma de registros distribuidos, diseñada específicamente para servicios financieros. El equipo global de R3, formado por más de 110 profesionales en nueve países, cuenta con el apoyo de más de 2.000 expertos en tecnología, financieros y jurídicos provenientes de su base de miembros globales. R3 anunció recientemente la exitosa finalización de los primeros 2 de 3 tramos en una recaudación de fondos de la Serie A valorada en USD 107 millones. 

Corda es el resultado de más de dos años de intensa investigación y desarrollo por R3 y sus miembros y cumple con los más altos estándares de la industria bancaria, sin embargo, siendo aplicable a una gran variedad de escenarios comerciales. Con Corda, los participantes pueden negociar sin la necesidad de las autoridades centrales, creando un mundo de comercio sin fricción.

Acerca de Banco de la República Colombia

El Banco de la República es un órgano del Estado de naturaleza única, con autonomía administrativa, patrimonial y técnica, que ejerce las funciones de banca central. Según la Constitución, el principal objetivo de la política monetaria es preservar la capacidad adquisitiva de la moneda, en coordinación con la política económica general, entendida como aquella que propende por estabilizar el producto y el empleo en sus niveles sostenibles de largo plazo.  En ejercicio de esta función adopta las medidas de política que considere necesarias para regular la liquidez de la economía y facilitar el normal funcionamiento del sistema de pagos, velando por la estabilidad del valor de la moneda.

Las funciones especiales asignadas al Banco comprenden la de regular la moneda, los cambios internacionales y el crédito, emitir la moneda legal colombiana, administrar las reservas internacionales, ser prestamista y banquero de los establecimientos de crédito y servir como agente fiscal del Gobierno. Como parte de sus funciones, el Banco también contribuye a la generación de conocimiento y a la actividad cultural del país.

Contacto de prensa

R3:
Nick Warren/Nick Murray-Leslie
Chatsworth Communications
+44 (0)207 440 9780
contact@chatsworthcommunications.com

Charley Cooper
R3
+1 929 329 1550
charley@r3cev.com

Banco de la República Colombia:

Fabio Mauricio Pinzon Gonzalez
Director General de Tecnología
Banco de la República de Colombia
+ (571) 343 0547
fpinzogo@banrep.gov.co

Banco de la República Colombia joins R3 to foster financial innovation

August 29, 2017 (New York/London/Singapore/Bogota) – Banco de la República Colombia has formalised an agreement with enterprise software firm R3, which will allow it to experiment with and test the latest advances in distributed ledger technology (“DLT”).

Banco de la República Colombia, which is an entity of the Colombian State that performs the functions of central bank, with administrative, patrimonial and technical autonomy, became the first Latin American central bank to accept R3’s invitation to evaluate the benefits of this technology.

In addition to the Bank of the Republic of Colombia, R3 already works with a number of central banks and regulators around the world.

These institutions collaborate with over 85 banks, financial institutions, trade associations, professional services firms and technology companies to develop commercial applications for the financial services industry that leverage the appropriate elements of DLT.

Members work closely with R3 to continue the development of Corda™, an open source distributed ledger platform for recording, managing and synchronising financial agreements. Corda 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.

Fabio M. Pinzón, Technology Director at Banco de la República Colombia, commented: “The emergence of blockchain as a mechanism to have decentralised, secure and synchronised databases has promoted the emergence of platforms such as Corda from R3. It is in our interest to evaluate the benefits of this technology for the safe and efficient management of the exchange of securities in the Colombian financial system”.

David E. Rutter, CEO of R3, comments: “Recognising that our members operate in one of the most heavily regulated industries in the world, since launching R3 we have made engagement with regulators and central banks a top priority. A collaborative public-private working model is crucial to speeding up the deployment of enterprise DLT platforms such as Corda. We look forward to working together with Banco de la República Colombia.”

 About R3

R3 is an enterprise software firm working with over 85 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for financial services. R3’s global team of over 110 professionals in nine countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.

Corda is the outcome of over two years of intense research and development by R3 and its 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.

About Banco de la República Colombia

Banco de la República Colombia, an entity of the Colombian State, with administrative, patrimonial and technical autonomy, that performs the functions of central bank. According to the Constitution, the main objective of the monetary policy is to preserve the purchasing power of the currency, in coordination with a general economic policy, to achieve a long-term GDP growth trend.  In carrying out this function, it adopts the necessary policy measures to regulate the liquidity of the economy and to facilitate the normal functioning of the payment system, ensuring the stability of the currency’s value.

The special functions assigned to the Bank include regulating currency, international exchange and credit, issuing Colombian legal currency, administering international reserves, being a lender and banker of credit institutions and serving as a fiscal agent of the Government. As part of its functions, the Bank also contributes to the generation of knowledge and cultural activity in the country. 

Press contact:

R3: 

Nick Warren/Nick Murray-Leslie
Chatsworth Communications
+44 (0)207 440 9780
contact@chatsworthcommunications.com

Charley Cooper
R3
+1 929 329 1550
charley@r3.com

Banco de la República Colombia:

Fabio Mauricio Pinzon Gonzalez
General Office of Technology Management
Banco de la República de Colombia
+ (571) 343 0547
fpinzogo@banrep.gov.co

Twelve banks develop trade finance app on R3’s Corda DLT platform

August 07, 2017 (New York/London/Singapore) – Twelve banks have passed a major milestone in the digitisation of documentary trade finance. They have developed a prototype application on R3’s distributed ledger platform, Corda, that has the potential to significantly reduce inefficiencies and costs by streamlining the processing of sight letters of credit.

Bangkok Bank, BBVA, BNP Paribas, HSBC, ING, Intesa Sanpaolo, Mizuho, Natixis, RBS, Scotiabank, SEB and U.S. Bank have been collaborating with R3 and technology partner CGI over the last year on numerous trade finance projects, building and testing applications. Using lessons learnt from these projects, the group has now developed a trade finance application on Corda that incorporates shippers and carriers. Several R3 member institutions now intend to pilot the platform with the goal of a making it widely available in 2018.

David Rutter, CEO of R3, comments: “Like so many of the processes and systems banks are forced to use today, the infrastructure that supports trade financing is extremely outdated and prone to risk and error. The work we have been doing with our members over the last year has shown that this challenge no longer needs to stand in the way of giving businesses access to the services they need to trade across borders. The application we have built is the first of its kind and we look forward to rolling it out to our Corda users across the world.”

Marguerite Burghardt, Global Head of the Trade Competence Center at BNP Paribas, comments: “While LCs have not progressed as much as the open account business in recent years, they remain a good way to finance trade and mitigate risks. If the industry manages to make the whole process fully digital, transparent and STP, this could mean renewed development and wider access to this financing technique.”

Vivek Ramachandran, Head of Growth and Innovation, Commercial Banking at HSBC said: “The prototype integrates a standardised user interface that allows carriers and shipping companies to prepare and validate shipping details when they onboard goods and deliver them to the buyer – even if they are on a different technology platform. We believe that offering optionality in terms of the systems and technologies participants use, and ensuring interoperability between these technologies, will significantly advance efforts to digitise trade. To further enhance the prototype, we’ll continue to work with established and emerging title registry providers to ensure this solution can provide a secure and legal title transfer of goods in a live environment, and anticipate piloting the app on the R3 network before the end of the year.”

Ivar Wiersma, Head of Innovation Wholesale Banking at ING said: “This application has the capacity to make the overall trade flow, currently hampered by outdated processes, faster and more cost effective. This is a great step forward in the process of digitalising and standardising the documentary trade finance process from start to finish, connecting multiple parties in the trade finance chain with the feature of interoperability of the different technologies these parties use.”

Jim Bidwell, Head of Trade Services Product Management at RBS, said: “Distributed ledger technology has huge potential to improve customer experience and reduce costs across Trade Finance, which has remained largely unchanged for many years. This initiative is a great demonstration of how we can collaborate to develop innovative solutions for our customers.”

Craig Weeks, Senior Vice President and Manager of U.S. Bank’s International Banking Group, said: “We’re excited about the potential of distributed ledger technology to increase transparency and efficiency across the trade finance lifecycle. This work has proven the viability of the technology to effectively manage the process and we’re very much looking forward to testing this in an operational setting.”

R3’s distributed ledger platform, Corda, has been built specifically for the financial services industry. The technology offers the ability to simplify the complex links and networks involved in the trade and trade finance market by providing a shared and synchronised database of transactions between businesses across geographies.

Despite the growth of open account business, traditional trade finance remains vitally important, particularly to facilitate international trade. According to the International Chamber of Commerce (ICC), commercial letters of credit still account for 38% of the trade finance product mix. In an effort to meet customer demand and address growing margin pressures, banks have been collaboratively developing a solution to drive greater efficiencies, reduce cost and simplify today’s existing processes. 

About R3

R3 is an enterprise software firm working with over 80 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for financial services. R3’s global team of over 110 professionals in 9 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.

Corda is the outcome of over two years of intense research and development by R3 and its 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.

Press contact

R3:

Nick Warren / Nick Murray-Leslie
Chatsworth Communications
+44 (0)207 440 9780
contact@chatsworthcommunications.com

Charley Cooper
R3
+1 929 329 1550
charley@r3.com