We have joined the powerful R3 network of more than 75 of the world’s largest and most influential banks and financial institutions which is exploring blockchain solutions.
“It is essential to deliver on changing customer expectations and be innovative so that we can provide solutions that make a difference in the lives of customers. We are optimistic about the potential use of blockchain technology, and are very interested to see what opportunities it presents,” says Peter Schlebusch, our Chief Executive for Personal & Business Banking.
“Collaboration will be critical to unlocking value, and we want to be actively involved in exploring and testing how technology like blockchain can be adopted by financial institutions. Being a partner member of the R3 network will provide us with an excellent opportunity to accelerate and enhance our adoption of this new technology,” he says.
R3 is a financial innovation firm that is leading a consortium of financial institutions to design and deliver advanced distributed ledger technologies to global financial markets. Distributed ledger technology has the potential to change financial services profoundly, and banks are looking to, among others, develop a permissioned blockchain system that requires a level of clearance to join and can be linked to legal tender.
“South Africa is a key market for us as we continue to expand our footprint in the region. We look forward to working closely with Standard Bank to test and develop distributed ledger based technology to address some of the major challenges facing participants operating in Africa’s financial markets and beyond,” says David Rutter, the Chief Executive of R3.
The R3 team of financial industry veterans, technologists and blockchain and crypto currency experts collaborate with consortium members on research, experimentation, design, and engineering to advance the technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.
Consortium members worked closely with R3 to develop Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions.
“The potential for blockchain technology to transform the financial services industry is vast. Change should become more mainstream as regulatory acceptance grows. We are also working closely with regulators to understand the implications for the South African and other African markets,” Peter says.
We are already engaged in a number of blockchain initiatives in the area of business trade, and are exploring the enhancements that blockchain technology can make to our cross border payment solutions.
The ability of numerous participants in the financial services sector to exchange insights and knowledge is vital for the future of a global network. “Our partnership with R3 will be essential in this regard,” Peter says.