R3 has announced that an
additional 13 banks have joined its partnership to design and apply distributed
ledger technologies to global financial markets.
The news comes two weeks
after R3 and nine initial member banks publicly announced the formation of their distributed ledger
This addition, which takes the total number of
banks collaborating on the project to 22, includes Bank of America, BNY Mellon,
Mitsubishi UFJ Financial Group, Citi, Commerzbank, Deutsche Bank, HSBC, Morgan
Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale
and Toronto-Dominion Bank.
These institutions will join Barclays, BBVA, Commonwealth
Bank of Australia, Credit Suisse, Goldman Sachs, JP Morgan, Royal Bank of
Scotland, State Street and UBS in developing commercial applications for this
emerging technology in the global financial services industry.
The project will also seek to
establish consistent standards and protocols for the technology in order to
facilitate broader adoption and gain a network effect.
“The addition of this new group of banks
demonstrates widespread support for innovative distributed ledger solutions
across the global financial services community, and we’re delighted to have
them on board,” says David Rutter, CEO of R3. “We have placed an emphasis on
working with the market from day one, and our partners recognise that a
collaborative model is the best way to quickly, efficiently and
cost-effectively deliver these new technologies to global financial markets.”
Niall Cameron, head of markets, EMEA at
HSBC, adds, “Innovative, open-source developments like distributed ledger
technology require expertise to deliver but have huge potential, offering banks
and their clients the prospect of enhanced security, lower costs and improved
The 22 bank partners
represent a broad spectrum of companies with expertise covering sales and
trading, retail, payments, trade finance, corporate banking, wealth and asset
management, and custody services.
As part of this initiative,
they will make available their own internal resources to help design and
develop a financial-grade distributed ledger solution incorporating various
open source technologies and standards.
“Our clients deserve a banking experience that
comes with enhanced security, low costs and minimal errors,” says Satoshi
Murabayashi, CIO, in charge of digital innovation, at Mitsubishi UFJ Financial
Group (MUFG). “In putting together this partnership, R3 is committing its own expertise
and leveraging the combined resources of all of our partners to deliver a
distributed ledger solution that could help our clients realise that