R3 together with the bank partners to complete the DLT commercial paper prototype


nnnnRisks: The R3 Alliance, in cooperation with four banks, has completed the prototype of the issuance of short-term debt on a distributed ledger (DLT) system. The project is said to reduce costs and operational risks while issuing and traded euro commercial paper, while providing more transparency. At present the project is actively expanding the next plan.n
nnTranslation: Clovern
nAlliance start-ups R3 have completed the prototype of short-term debt issuance on distributed classified books (DLT) systems.n
nThe project was built on R3’s Corda platform, with four banks – ABN Amro, Commerzbank, ING and KBC. The project is said to reduce costs and operational risks while issuing and traded euro commercial paper, while providing more transparency.n
nNext, the four banks want to work with R3 to bring the project to the production stage, but before that to absorb the software vendors and short-term debt issuer industry expertise, and get regulatory feedback.n
nIvar Wiersma, head of ING’s wholesale innovation business, is talking about how the DLT prototype is about how the central parties can be removed from the financial process.n
n”It eliminates the need for brokers like central custodians and custodians, which are slowing down operations, reducing transparency and increasing the cost of the entire process,” Wiersma said.n
nKBC block chain consultant Dirk Hermans on the project how to promote the Group to better understand the value of DLT progress, and further affirmed its success.n

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