Blockchain consortium R3 is partnering with eight banks in a bid to make trade finance more efficient, with a focus on transacting letters of credit (LC).
Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, NatWest, SEB and Standard Chartered, along with Bain and CryptoBLK, comprise the initiative, dubbed Voltron. The plan is for a documentary trade open platform to begin production on R3’s Corda Enterprise blockchain in 2019.
Corporate customers will be able to connect with their banks and
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