More than 50 banks tested R3’s Voltron trade finance app
More than 50 banks from 27 countries took part in the trial of the new Voltron trade finance application developed by the R3 consortium on the Corda blockchain.
The eight founding banks have initiated an industry platform to improve the trade finance process to facilitate letter of credit transactions. By reducing the settlement period, eliminating discrepancies and improving sanctions screening, it was possible to reduce the processing time of transactions to less than 24 hours. Traditionally, such operations take from 5 to 10 days..
Voltron was tested on the Microsoft Azure cloud platform with the participation of Bain, CryptoBLK and R3. During simulations, 96% of participants confirmed that the application will help them improve their financing processes and reduce costs.
Denis Dodon, Director of the Alfa-Bank Innovation Development Center, said that instant information transfer allows us to optimize work with documents and promptly correct inconsistencies if they arise. The tests were attended by banks CommerzBank, MUFG, Standard Chartered, ING, the National Bank of Egypt and others.
Previously bank Societe Generale, also involved in the tests Voltron, issued bonds in the amount of $ 112 million in the form of security tokens on the public Ethereum blockchain.
Bitcoin Centralization Proof Arises! 50 Banks Trial Trade Finance on R3!! Wall Street Bullish On XRP
text: Ivan Malichenko, photo: Shutterstock