Calypso Technology has become the first firm to partner with R3 to develop capital markets applications on its Corda distributed ledger-based smart contract platform.
The two firms are currently developing a multi-party trade confirmation solution and testing it with multiple financial institutions.
R3’s Corda – which will be open-sourced globally on November 30 – is designed to be an open and inclusive smart contract platform that enables third party providers and partners to build and operate distributed ledger applications using common code and protocols to ensure interoperability.
Calypso will be the first application partner to leverage the R3 platform, which the consortium group claims will allow financial institutions and their technology partners to work more closely together in a safe and efficient distributed ecosystem.
The platform is built to record and manage financial agreements between counterparties, leveraging distributed ledger technology with the aim of guaranteeing a consistent, accurate, auditable and reportable record.
R3 and Calypso’s trade confirmation solution utilises distributed ledger technology to try to increase transparency and simplify dispute resolution. The solution should enable counterparties to see all trade tickets on the distributed ledger so they can be sure they are matching against the correct trade.
David Rutter, CEO of R3, notes that “Calypso is the first capital markets application partner to engage with R3, which reflects the unique synergy between the two firms”, while Pascal Xatart, CEO at Calypso, declares that the trade confirmation solution “is only the beginning” of what the two firms will be able to develop together on the Corda platform.