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  R3 Consortium Introduces Cross-Border Payment Transaction on Blockchain | Bit Updates
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R3 Consortium Introduces Cross-Border Payment Transaction on Blockchain

Tuesday, October 31st, 2017 | bitcoin updates

Fintech company R3 and 22 of the largest banks in the DLT consortium have jointly developed a system to revolutionize international payments. With the help of the Blockchain, transactions of Fiat and crypto currencies can be transacted across national borders. Earlier this month, we already reported to BGC-ECHO on the completion of Corda V1.0, the update of the Corda platform for blockchain- based transactions. Thus, a step was taken to open up the project for various applications. According to a report by the news agency Reuters, the platform was now used to create a cross-border payment system. This will be based on the exchange of tokenized Fiat currencies that can be transferred back and forth between different currency areas. "This marks a major milestone for Distributed Ledger technologies by, for the first time, a global payment system, in collaboration with the participating banks arises. This will make the business much easier for banks involved in cross-border payments in the future, "said R3 CEO David Rutter. Among the participating banks are Barclays, BBVA, CIBC, Commerzbank, DNB, HSBC, Intesa, among others. KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank, TD Bank, US Bank and Woori Bank. "In our opinion, the project planned by R3 is very promising as it is based on a very good foundation with Corda. It should be emphasized that it is made clear from the outset how to deal with central bank money, "said Frederic Dalibard, CEO Digital for Corporate & Investment Banking at the French bank Natixis.BTC-ECHOAbout Tobias SchmidtTobias is since August 2017 as an editor in the team of BTC -ECHO active. He holds a bachelor's degree in Politics and Economics from the University of Münster and worked as a student assistant during his studies. In addition, he gained professional experience in parliamentary work and strategic communication before moving to the journalistic field. Since 2017 he has devoted himself to blockchain technology, focusing in particular on the many different possible applications in politics, business and society. Tobias Schmidt Similar posts


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