Amid the rumors for growing numbers of major international financial institutions that are planning to leave the R3 blockchain consortium, Calypso Technology, a provider of front-to-back technology solutions for the financial markets, announced it has joined R3 to develop capital markets applications on its Corda blockchain platform.
According to Calypso’s statement, currently the two companies are developing a multi-party trade confirmation solutions and are testing it with financial institutions.
The Corda distributed ledger-based smart contract platform will be open sourced globally on November 30. It is an open and inclusive smart contract platform that enables third party providers to build and operate DLT applications.
The platform records and manages financial agreements between counterparties, leveraging distributed ledger technology to guarantee a consistent, accurate, auditable, reportable record. The trade confirmation solution of R3 and Calypso utilizes the DLT and thus increases transparency and simplifies dispute resolution. It also lets counterparties see trading tickets and make sure they are matching against the correct trade.
According to Calypso, the partnership with R3 on Corda would be the first real integration between a leading distributed ledger platform and a leading financial software vendor.
“R3 is the largest collaborative consortium of its kind in financial markets, now comprising over 70 members from all corners of the industry,” said David Rutter, CEO of R3. “Calypso is the first capital markets application partner to engage with R3, which reflects the unique synergy between the two firms. We look forward to leveraging our combined expertise to address some of the major pain points facing the global financial services industry with innovative distributed ledger-based technology.”
R3 is a blockchain technology company that leads a consortium of around 70 major financial institutions for the development of blockchain applications for the financial sector. Recently two of its original members – Goldman Sachs and Banco Santander announced they are leaving it. According to media reports other two – Morgan Stanley and National Australia Bank are also planning to turn tail, while J.P. Morgan, Macquarie Group, and U.S. Bancorp have yet to submit a bid as part of the funding. According to CoinDesk, it is still unclear if those three wish to remain part of the consortium.
Calypso is a technology company providing software solutions for the financial markets. It has cross-asset solutions for trading, processing, risk management and accounting. Calypso’s products are used by over 34,000 market professionals representing more than 180 financial institutions in over 60 countries.