08 Aug Over 50 Banks, Firms Trial Trade Finance App Built With R3’s Corda Blockchain
8 May 2019
ABN Amro, Standard Chartered, ING and around 50 other banks and companies have participated in tests of a trade finance application called Voltron.
The tests saw firms across 27 countries use Voltron, which was developed by R3 using its Corda platform, to make simulated letter of credit transactions. While the existing process is paper-based and time-consuming, Voltron processes transactions in “under 24 hours” as compared to the 5-10 days it traditionally takes, R3 said.
The trial was delivered on Microsoft’s Azure cloud platform in a collaboration between Bain, CryptoBLK and R3.
Read more at Coindesk, here.