Cobalt, the FX post-trade processing network based on distributed ledger technology, has joined the BT Radianz Cloud.
This means that organisations can now access Cobalt’s private peer-to-peer and blockchain services via their Radianz Cloud connections. The Radianz Cloud links a community of thousands of brokers, institutions, exchanges and clearing and settlement houses. Through a single secure network connection, members can access thousands of applications and services from more than 400 providers critical to the everyday running of the global financial sector.
Cobalt deploys distributed ledger technology to try and remove cost and complexity from post-trade processing. It leverages blockchain-derived concepts of encryption, digital signatures and consensus to deliver a single, immutable record for each trade, replacing traditional systems, which often involve duplicated processes. By creating a shared view of trade data, Cobalt aims to free up back and middle office resources from multiple layers of reconciliation, speeding up processing.
By joining the Radianz Cloud community, Cobalt gains global connectivity to thousands of financial services institutions, as well as access to BT Radianz Hosting services. Radianz Hosting delivers managed hosting services available from more than 20 data centres located in cities where significant clusters of capital market organisations are present, the firm says.
Adrian Patten, co-founder of Cobalt, comments: “We recognise that using innovative technologies is key to making a cost-effective shared infrastructure a reality. It’s vital that the infrastructure used by institutions is secure and enterprise grade. We are delighted to be working with BT to make sure that Cobalt leads the pack in terms of these requirements.”
David Payne, managing director of BT Radianz, adds: “Entrepreneurial fintechs like Cobalt are a growing source of innovation in the financial markets industry. By offering their services via the BT Radianz Cloud, they gain access to a ready-made market place and a commercial structure that helps them address the stringent contractual and compliance expectations of financial institutions. We’re delighted to welcome Colbalt into our cloud community.”