Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook Follow The Paypers on Google +
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Payments General

R3 and European banks complete euro commercial paper transaction

Thursday 6 December 2018 | 11:44 AM CET

R3 has partnered with Commerzbank, ING, Natixis and Rabobank, to produce a live commercial paper transaction on the Euro Debt Solution application, built on Corda.

This event follows the previous simulated transaction on an earlier version of the solution in September 2017.

With Natixis acting as the issuer, Rabobank acting as the investor and ING as both the dealer and escrow agent, the trade involved an issuance of EUR 100,000 notional, with a one-day maturity.

Commerzbank provided the pilot framework, software and distributed ledger network for the trade as well as guidance on regulatory implications.

Since the project began in 2017, participants in the initiative have established an operational structure and worked with external legal counsel Allen and Overy to develop a legal framework.

The project participants will continue with the development of the solution. The solution aims to reduce operational costs and risk, as well as being able to deliver intraday settlement finality for their clients.

In other recent news on R3 teamed with Ripple to launch a universal settler app for payments on Corda.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement