Four European banks, including Commerzbank and ING, have settled a live commercial paper transaction worth €100,000 on R3's Corda blockchain.
Four European banks – Commerzbank, ING, Natixis and Rabobank – have settled a live transaction for a short-term debt instrument on the Corda platform developed by blockchain consortium startup R3.
The blockchain solution is aimed at reducing operational costs and risks for banks, as well as speeding up settlement of such transactions for their clients.
It also marks the start of building an improved DLT platform that enables direct settlement and reduces operational risk and costs at the same time,” Marnix Bruning, ING head of money market and central bank sales, said in the article.
In one trial at the time, it worked with as many as 40 banks on a trial that used smart contracts to model commercial paper transactions.
As similar project was announced in June 2017, when it built a prototype on Corda with ABN Amro, Commerzbank, ING and KBC as the participating banks at the time.