Japan’s second-largest bank by assets, Sumitomo Mitsui Banking Corporation (SMBC), has completed a proof-of-concept (PoC) using blockchain consortium R3’s Marco Polo trade finance platform. A press release confirmed the PoC completion on Feb. 18. SMBC, which is the only Japanese bank participating in Marco Polo, said it had partnered with Japanese multinational Mitsui & Co. to enhance efficiency in trade processes. “[The] PoC was conducted between SMBC and Mitsui & Co. which aims to improve productivity in its trade operations, by testing modules such as Receivable Finance and Payment Commitment (Payment Undertaking),” the release explained, adding: “SMBC expects to commercialize …

The Italian Banking Association (ABI) is now testing a blockchain interbank solution based on blockchain consortium R3’s open-source distributed ledger platform Corda, fintech news outlet FinExtra reports on Wednesday, Feb. 13. The ABI states that the platform has been developed together with its technical partners — R3, Japanese IT firm NTT Data and Italian ICT company Sia. The project, dubbed “Spunta,” is reportedly now being tested by 18 banks that represent 78 percent of the Italian banking sector by number of employees. As Cointelegraph previously reported, the blockchain-powered interbank system by the ABI successfully passed the initial phase of testing …

The Wall Street Blockchain Alliance (WSBA) has joined blockchain consortium R3 to develop applications and solutions on their Corda platform, a Feb. 5 press release reports. According to a statement made by the CEO of R3, David E. Rutter, the WSBA and R3 will collaborate in order to “advocate a strategic approach to collaborating with regulatory bodies so that financial markets, and beyond can gain the full benefits of blockchain’s capabilities.” The WSBA is a non-profit trade association that promotes the general adoption of blockchain technology and crypto assets across international markets. R3, an enterprise blockchain software firm with over …

On Jan. 30, major global banking payments network SWIFT announced it plans to launch a proof-of-concept (PoC) of a gateway — titled GPI Link — that will allow blockchain software firm R3 to connect to SWIFT’s Global Payments Innovation (GPI) payments from its platform. Therefore, SWIFT has made another step toward adopting blockchain, despite having expressed concerns over the technology's maturity in the past. However, SWIFT’s competitors have already voiced their concerns, saying that the new system is not decentralized enough. Brief introduction to SWIFT’s relationship with blockchain SWIFT is a 46-year-old Belgium-based interbank messaging service and a co-operative owned …

Top Stories This Week SWIFT Reveals Plans to Launch Proof-of-Concept With Blockchain Consortium R3 Major global banking payments network SWIFT announced plans this week to develop a Proof-of-Concept of a gateway that will let blockchain consortium R3 link to GPI (Global Payments Innovation) payments from their platform. According to SWIFT, users of the R3 platform will be able to authorize payments through the new GPI Link, settling GPI payments with the users’ banks, with the credit confirmation reported back to the trade platforms via GPI Link. Crypto Exchange Gemini Completes Security Compliance Review from Deloitte Gemini crypto exchange, which was …

Japanese finance giant SBI Holdings has released its nine-month financial report today, Jan. 31. In the report for the period ending on Dec. 31, 2018, SBI notes Ripple’s potential for cross-border payments. SBI outlines the implementation of technologies by Ripple (XRP) and blockchain consortium R3 as a major part of its strategy to enable a global standard for financial operations such as international payments and trade finance. In the section titled “Business Area Separation of Ripple and R3,” SBI featured Ripple as an entity “specializing in international remittance,” while R3 is responsible for developing projects that “are not limited to …

Japanese financial services company SBI Holdings has officially announced a joint agreement with the United States blockchain consortium R3 to work in Japan, according to a press release published on Jan. 29. Back in December, SBI Holdings had already revealed its plans — according to an interview with R3’s CEO — to partner with software enterprise R3 to develop local use of its Corda blockchain platform, Cointelegraph reported on Dec. 6. Yesterday’s press release was an official announcement of the partnership. SBI Holdings and R3’s joint agreement aims to promote the development of financial services backed with distributed ledger technologies …

This article has been updated to reflect the breaking news events. Major global banking payments network SWIFT has revealed it plans to launch a Proof-of-Concept (PoC) of a gateway — dubbed GPI Link — that will allow enterprise blockchain software firm R3 to link to GPI (Global Payments Innovation) payments from their platform. Speaking at the Paris Fintech Forum on Jan. 30, CEO Gottfried Leibbrandt said SWIFT would be formally announcing its plans for a Proof-of-Concept (PoC) with R3 later today. Leibbrandt was speaking for the first time in a joint panel with Brad Garlinghouse, CEO of Ripple — which …

United States-based credit union service organization CULedger has raised $10 million in a Series A funding round for its credit union-focused blockchain platform, according to a press release published Jan. 29. The company, which is a member of R3’s global blockchain ecosystem, first announced its funding round and its goal of raising $10 million in October, 2017. According to the release, the now closed funding round included 40 investors, noting that the “majority of investors are credit unions.” Following a successful round, CULedger will soon launch its flagship product, MyCUID. According to the project’s website, it is a distributed ledger-based …

Two executives at blockchain consortium R3 are reportedly planning to depart from the company amid a larger internal reorganization, sources familiar with the situation reported on Jan. 26. R3 is an enterprise software firm that focuses on distributed database technology. It leads a consortium of over 200 members, such as financial institutions, banks, trade associations and fintech companies. Sources say that R3 told its employees at town hall meetings on Friday, Jan. 25, that head of global services and managing director Brian McNulty and chief administrative officer Laurel Carroll are leaving. Neither McNulty nor Carroll has responded to Cointelegraph’s request …

Dutch international bank ING has signed a deal with enterprise blockchain consortium R3 for access to R3’s commercial blockchain platform, according to a press release published Jan. 22. As a part of the five-year agreement, ING Bank is set to acquire an unlimited number of licenses for R3’s Corda Enterprise platform. The banking giant plants to implement Corda’s decentralized applications (CorDapps) across its global business infrastructure. Based on the R3’s commercial platform, CorDapps provide a number of financial services applicable in banking activity, including trade finance, identity, insurance and capital markets. In turn, by applying R3’s CorDapps, ING will purportedly …

Enterprise blockchain software firm R3 has announced the launch of its Corda Network, which will be operated and overseen by a newly created not-for-profit organization, the Corda Network Foundation. The announcement was made in an R3 press release published on Jan. 16. R3 has to date reportedly gathered over 300 partners from across multiple industries — both the private and public sector — to collaborate on developing Corda, its open-source blockchain platform, as well as its business-oriented offshoot Corda Enterprise. The Corda Network will reportedly serve as a base layer of identity and consensus for all participants, and allow for …