Blockchain software provider R3 has issued the new statement in which Corda, its blockchain platform has successfully completed a live commercial paper transaction.In collaboration with Commerzbank, ING, Natixis and Rabobank, the transaction was carried out on the Euro Debt Solution application which was built on Corda.
From the statement, the intention is to achieve this by “offering a streamlined capability for accessing debt whilst bringing greater transparency to the marketplace.” The intention is that the participating institutions will enjoy reduced operational costs and risk as well as the ability to deliver intraday settlement finality for their clients.
The transaction involved the issuance of a €100,000 notional with a one-day maturity, with Commerzbank providing the pilot framework, software, distributed ledger network and guidance on regulatory implications. Natixis acted as the issuer, Rabobank acted as the investor and ING served as both dealer and escrow agent.
Other project partners also expressed satisfaction with the success of Corda including Marnix Bruning, Head of Money Market & Central Bank Sales at ING who stated that the company is eager to continue the collaboration into the next project phase. Head of Digital for Corporate & Investment Banking at Natixis, Frederic Dalibard expressed eagerness for a full commercial launch of the solution with the attendant positive implications for operational efficiency.