R3 is one of the Consortia which has been backed by Banks from its inception (over 80 at present). It is one of the DLT / Blockchain companies that are creating fit for purpose solutions, that can stand up to the rigours of regulations required by the financial services organisations and regulators.
In parallel to Ripple which has embarked on a similar journey (with its razor focus on International Payments), R3 is one of those rare blockchain ecosystems that is designed from the start to be fit for purpose and to be able to go into production. Whilst they are not quite there at this stage, with the various projects they have been through and their focus of interoperability, it looks as if they will be first to have a Trade Finance solution in production in the not too distant future. This will fulfil the requirement of the somewhat traditionally disparate processes, often using manual and antiquated methods into an end-to-end solution that is traceable, immutable and will give a solution that in effect will not need central authorities, allowing for friction-less commerce across the globe. This will use smart contracts as part of its processes and will be seen as a leader in this area.
everis as part of their strategy to work with the best of breed companies have had discussions with R3 Corda in both London and New York and keen to replicate the strong relationship they already have with Ripple and planning a potential future partnership together leveraging our global greater network in 87 countries of the wider group. everis as part of NTT Data forms part of the 6th largest IT services Group.
Everis is a $1bn plus company with 19,000 Consultants in over 16 countries.
Bangkok Bank, BBVA, BNP Paribas, HSBC, ING, Intesa Sanpaolo, Mizuho, RBS, Scotiabank, SEB and U.S. Bank have been collaborating with R3 and technology partner CGI over the last year on numerous trade finance projects, building and testing applications. Using lessons learnt from these projects, the group has now developed a trade finance application on Corda that incorporates shippers and carriers. Several R3 member institutions now intend to pilot the platform with the goal of a making it widely available in 2018. David Rutter, CEO of R3, comments: “Like so many of the processes and systems banks are forced to use today, the infrastructure that supports trade financing is extremely outdated and prone to risk and error.