R3, FCA Collaborate on Mortgage Transaction Reporting DLT Prototype

R3 has built a prototype application for regulatory reporting of mortgage transactions with the help of the FCA and two major banks.

distributed-ledger-technology
The prototype can also be applied to different asset classes

The prototype was created after discussions with the UK’s Financial Conduct Authority (FCA), the Royal Bank of Scotland (RBS) and one other global bank. 

The software was built on R3’s Corda platform and aims to tackle every issue in the mortgage transaction lifecycle. 

Charley Cooper, managing director of R3, tells WatersTechnology that this was the result of talks between the counterparties that started several months ago. Transaction reporting has been identified as a universal problem for

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