20 February 2018
visit www.nextgenbanking.co.uk/

Blockchain-based trade matching engine gets the nod from ING

01 August 2017  |  23158 views  |  0 Outsourcing

Dutch bank ING believes the days of mismatched trading tickets could be drawing to a close after conducting tests of a blockchain-powered trade confirmation platform in partnership with Calypso and the R3 consortium.

R3 partnered with Calypso Technology in November last year to develop a multi-party trade confirmation system running on the Corda distributed ledger-based smart contract platform.

Calypso was the first application partner to adopt the R3 platform, utilising the technology to enable counterparties to see all trade tickets on the distributed ledger so they can be sure they are matching against the correct trade.

ING was one of a group of international banks to process FX trades across the pilot platform, and confirmed correct matching in real time across four different time zones.

“This is a big step in changing the way institutions process trade contracts,” says Ivar Wiersma, head of wholesale banking innovation at ING.

Rather than cross-referencing across multiple datasets to confirm a transaction, the R3/Calypso platform provides traders with a single golden copy of the trade, enabling participants to update their records from this 'single source of truth' and avoiding mismatches or duplications that need to be fixed manually.

Robbert Zee, who was part of the working group on ING’s side, says: “Using one source of proof is a great advantage for security and compliance reasons: regulators can have a real-time overview of the trades by linking in to the network to follow trade partners’ actions."

Comments: (0)

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

ING aims to take blockchain experimentation to the next level

ING aims to take blockchain experimentation to the next level

31 January 2017  |  24597 views  |  1 comments | 37 tweets | 41 linkedin
R3 and Calypso to develop blockchain trade confirmation system

R3 and Calypso to develop blockchain trade confirmation system

29 November 2016  |  12129 views  |  0 comments | 13 tweets | 19 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://info.nice.comvisit www.ebaday.comVisit https://www.capgemini.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11856 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9559 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9329 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8121 views comments | 13 tweets | 12 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7385 views comments | 19 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job