25 November 2017
visit www.solutions.lexisnexis.com

More global banks back blockchain collaboration plan

29 September 2015  |  19585 views  |  3 light bulbs

An initiative to create a set of global standards for the use of distributed ledger technology in financial markets has picked up momentum, with another 13 major banks - including BofA, Deutsche Bank and HSBC - throwing their weight behind the plan.

Two weeks ago nine firms - Barclays, BBVA, CBA, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland and UBS - paired up with financial innovation startup company R3 to collaborate on research, experimentation, design, and engineering to help advance state-of-the-art enterprise-scale shared ledger technology.

Now Bank of America, Bank of New York Mellon, Mitsubishi UFJ Financial Group, Citi, Commerzbank, Deutsche Bank, HSBC, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank have entered the fray.

The R3 team, led by former Icap electronic broking chief David Rutter, is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. Among the recruits are IBM's blockchain head Richard Brown.

The partners will now set up joint working groups, using a collaborative lab environment to test and validate distributed ledger prototypes and protocols as they seek to meet banking requirements for security, reliability, performance, scalability, and audit.

Niall Cameron, head, markets, Emea, HSBC, says: "Innovative, open-source developments like distributed ledger technology require expertise to deliver but have huge potential, offering banks and their clients the prospect of enhanced security, lower costs and improved error reduction."

Comments: (3)

A Finextra member
A Finextra member | 29 September, 2015, 17:39

there are so many banks working on the subject that BNP-PARIBAS and ING are not listed ;-)

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 29 September, 2015, 19:21

There are lot of open question in my mind, like for instance will this be linked to the current bitcoin block chain? Else, who will confirm transactions, what will be the incentive structure etc...

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Jim Wells
Jim Wells - Wellspring Consulting International - Fort Lauderdale | 30 September, 2015, 12:24

Wow, fresh from their being caught rigging rates for Libor & FX, US government securities prices, and prices for electric power and deceiving investors about the composition and value of near-worthless mortgage securities, many of the same Too Big To Behave Banks are now going to have a crack at crypto-currencies. You just can't make this stuff up.

 

1 thumb up! 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Blockchain and bond market trading win out in BBVA London startup contest

Blockchain and bond market trading win out in BBVA London startup contest

24 September 2015  |  13866 views  |  1 comments | 28 tweets | 22 linkedin
Nine banks back blockchain collaboration plan

Nine banks back blockchain collaboration plan

15 September 2015  |  22247 views  |  2 comments | 58 tweets | 68 linkedin
Innovate Finance and IBM to open blockchain lab

Innovate Finance and IBM to open blockchain lab

11 September 2015  |  15707 views  |  1 comments | 36 tweets | 18 linkedin
Visa, Citi, Nasdaq, Fiserv and Capital One back blockchain startup Chain

Visa, Citi, Nasdaq, Fiserv and Capital One back blockchain startup Chain

10 September 2015  |  14933 views  |  0 comments | 25 tweets | 19 linkedin
Blockchain poised to become banking's biggest disruptor yet - BBVA Compass economists

Blockchain poised to become banking's biggest disruptor yet - BBVA Compass economists

11 August 2015  |  26691 views  |  1 comments | 66 tweets | 33 linkedin
Deutsche Bank backs blockchain potential

Deutsche Bank backs blockchain potential

31 July 2015  |  15710 views  |  0 comments | 37 tweets | 22 linkedin
Wall Street eyes the blockchain

Wall Street eyes the blockchain

23 July 2015  |  11056 views  |  0 comments | 24 tweets | 12 linkedin
Standard Chartered innovation chief talks up the blockchain

Standard Chartered innovation chief talks up the blockchain

15 July 2015  |  14370 views  |  0 comments | 23 tweets | 10 linkedin
Swift offers grant for research into the blockchain in securities markets

Swift offers grant for research into the blockchain in securities markets

13 July 2015  |  12514 views  |  0 comments | 21 tweets | 6 linkedin
Blockchain could upend post-trade infrastructure - BNP Paribas analyst

Blockchain could upend post-trade infrastructure - BNP Paribas analyst

06 July 2015  |  11859 views  |  0 comments | 18 tweets | 15 linkedin
Citi builds blockchains

Citi builds blockchains

02 July 2015  |  11226 views  |  2 comments | 24 tweets | 12 linkedin
Nasdaq calls in Chain for blockchain project

Nasdaq calls in Chain for blockchain project

24 June 2015  |  5682 views  |  0 comments | 10 tweets | 6 linkedin
Canadian senate committee urges 'light touch' Bitcoin regulation

Canadian senate committee urges 'light touch' Bitcoin regulation

19 June 2015  |  24916 views  |  0 comments | 8 tweets | 8 linkedin
Niederauer backs 'smart securities' startup Symbiont

Niederauer backs 'smart securities' startup Symbiont

09 June 2015  |  6192 views  |  0 comments | 4 tweets | 12 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.aciworldwide.comvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
Sepa instant payments goes liveSepa instant payments goes live
11004 views comments | 46 tweets | 79 linkedin
ING brings data privacy to blockchain transactionsING brings data privacy to blockchain tran...
9556 views comments | 25 tweets | 37 linkedin
hands typing furiouslyHow Fintech Companies are disrupting the C...
8223 views 0 | 20 tweets | 9 linkedin
Axis Bank uses Ripple to open new payment corridors between the UAE and SingaporeAxis Bank uses Ripple to open new payment...
8211 views comments | 8 tweets | 22 linkedin
UK Open Banking expanded to cover all PSD2 productsUK Open Banking expanded to cover all PSD2...
7908 views comments | 21 tweets | 47 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job