German banking group Commerzbank and industrial conglomerate ThyssenKrupp successfully performing currency exchange operations on the platform from Corda blockchain consortium R3. About it writes Reuters.
ThyssenKrupp sent 500 thousand euros with the Corda platform, using forward foreign exchange contract in the currency pair EUR/PLN. According to participants of the transaction, the use of the blockchain allows companies not to worry about the reconciliation of transactions and eliminates delays and errors associated with human error, and minimizes costs.
According to managers Commerzbank, the reconciliation transaction is the most important problem for international foreign exchange transactions:
“Significant resources are allocated directly to the solution of problems that occur during reconciliation [of the transaction]. This deal demonstrates how the use of a distributed registry that allows users to transform and digitize processes in this area”
Commerzbank plans to continue to explore the possibilities of the blockchain, and also to bring its processes into line with the new “technical, regulatory and legal requirements.”
Recall that Commerzbank is also testing the possibility of financial blockchain platform Batavia-based banking giant UBS.