Calypso Technology has teamed up with blockchain consortium R3 to provide five financial institutions with trade matching services.
The service integrates Calypso’s cloud application and R3’s blockchain powered Corda platform to carry out real-time trade matching tests across four time zones.
Westpac Banking Corporation in Sydney, ING in Amsterdam, BBVA in Madrid, Banco de Credito del Peru in Lima and a large investment management firm in US all participated in the project.
The institutions used a node on the Corda platform to enter FX trades to validate and confirm matching in real-time, Calypso said.
Todd McDonald, co-founder at R3, explained the test “is a perfect example of its ability to meet banking requirements in areas such as identity, privacy, security and scalability.”
Victor Gamero, an FX trader at Banco de Credito del Peru, added: “Beyond the obvious gain that this new matching methodology provides, we were very impressed by the mitigation of operational risks.”