According to foreign media reports, ABN Amro, Standard Chartered, ING and about 50 other banks and companies participated in the test of trade financing applications called Voltron.
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According to a notice from the distributed ledger startup R3, the open industry platform was established by eight founding member banks to improve trade finance processes by simplifying letter of credit transactions to provide fast settlement times and resolve discrepancies. Improve sanctions screening.
In the test, companies from 27 countries used Voltron to conduct simulated letter of credit transactions. Voltron was developed by R3 using the Corda platform. R3 says the existing process is paper-based and time-consuming. In addition, Voltron handles trading in less than 24 hours, compared to 5-10 days.
The trial was conducted by Bain, CryptoBLK and R3 on Microsoft's Azure cloud platform.
According to R3, 96% of the trial participants believe that Voltron will help them improve their trade finance processes and reduce costs.
Denis Dodon, head of the innovation department at participating Alfa Bank, said:
“All work is done on the same interface. This interface connects to all workflow participants. The information is instantly shared, which will greatly speed up transaction processing, optimize document processing, and correct any errors if they are found.”
R3 added that the platform “obviously faster, more reliable, and more cost-effective” eliminates the time-consuming reconciliation process by providing “single, unchanging transaction records”. It also brings the added benefit of reducing the risk of fraud.
R3 CEO David E. Rutter called on other banks and companies to join in this effort. He said the trial "has taken a step toward shaping the future of trade finance."
Other participating banks include Societe Generale, Commerz Bank, Commercial Bank of Qatar, Mitsubishi ufj Financial Group (MUFG), French Foreign Trade Bank (Natixis), and National Bank of Egypt ( National Bank of Egypt and Saudi British Bank.