Enterprise software firm R3 and 22 of its member banks have developed a solution that leverages distributed ledger technology (DLT) to improve cross-border payments. The prototype will be released by the end of 2017.
The solution aims to improve world trade efficiencies by facilitating instant international payments. It offers a direct alternative to current systems that can take days to complete an international payment.
Banks involved in the initiative include Barclays, BBVA, CIBC, Commerzbank, DNB, HSBC, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank, TD Bank, U.S. Bank and Woori Bank.