Raiffeisen Bank joins R3 consortium

Source: R3

Raiffeisen Bank International (RBI) became the first Austrian bank to join enterprise software firm R3’s global network of more than 160 banks, financial services firms, technology companies, central banks, regulators and trade associations.

R3 offers access to “Corda” an enterprise-grade distributed ledger platform for finance and commerce, working with its members to develop PoCs and move distributed ledger applications into commercial deployment.

“By joining R3 we will be able to exchange and collaborate with peers, which will substantially boost the speed, security and usability of our own blockchain innovations. The usage of technology platforms such as ‘Corda’ allows us to gain extensive know-how in the underlying infrastructure of future commercial blockchain applications,” explains Michael Hoellerer, Plenipotentiary of RBI, who is amongst other tasks in charge of RBI Group’s digitization strategy, the bank’s motivation for joining this leading blockchain consortium.

In its work with R3, RBI will focus on cash and payment services, capital markets, digital identity, securities services and trade finance.

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