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Countries with More Than 50 Banks Joined New Simulate Letter of Credit Transactions Trials on R3’s Blockchain

By Jenny Aurora | May 11, 2019
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Countries with More Than 50 Banks Joined New Si mulate Letter of Credit Transactions Trials on R3’s Blockchain

A completion of trials involving the simulation of multiple digital Letter of Credit transactions on R3’s Corda blockchain platform was conducted by over 50 banks in 27 countries all over the world.

According to the R3 company, 96% of the members concluded that the Voltron system can help improve the credit letters procedure and reduce cost. Besides, 86% of them revealed their disbelief on the sloppy traditional system.

Furthermore, the entire process time on Voltron platform can be reportedly reduced from 5-10 days to under 24 hours. With the official implementation of this new system, 61% of the banks want to change the trading flows to “open account” –  a risker option.

The pilot plan was conducted in 6 weeks with the participation of CIB, MUFG, National Bank of Egypt, RBI, Standard Bank, and Societe Generale. as in partnership with Bain, CryptoBLK on Microsoft’s Azure cloud platform. The Voltron initiative was built on R3’s Corda blockchain platform for compatible with both Corda and Corda Enterprise for changing the current shared ledger finance links and networks.

In March, International banking giant HSBC looked for possible partnerships with South Korean banks to launch its Voltron blockchain platform that speeds up the turnaround time for banking processes, as The Crypto Sight reported.

As a cooperation of the Kuala Lumpur-based Bursa Malaysia with Hong Kong-based Forms Syntron Information, a security blockchain plan was revealed for enabling borrowing and lending proof-of-concept.

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