20 September 2017
Visit http://response.ncr.com

Banco de la Republica Colombia allies with R3 for blockchain R&D

29 August 2017  |  2780 views  |  0 Source: R3

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 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.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.sibos.comvisit www.vasco.com

Who is commenting?

A Finextra member Finextra Member Commented on: The C-Suite Challenges...
A Finextra member Finextra Member Commented on: Dutch bank sentences t...

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10582 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10226 views comments | 6 tweets | 17 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
10172 views comments | 21 tweets | 39 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9095 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7566 views comments | 5 tweets | 4 linkedin

Featured job

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

Find your next job