BBVA and BBVA Bancomer deploy DLT-based FX matching pilot from Calypso Technology and R3

SAN FRANCISCO, Oct. 16, 2017 – Leveraging distributed ledger technology and cloud services, BBVA and BBVA Bancomer are piloting an FX matching application developed by Calypso Technology, a leading provider of cloud-based cross-asset trading software solutions for the financial markets, and enterprise software firm R3. The application, which runs on R3’s Corda platform and is facilitated by Calypso’s Cloud Services, has already been used by the two banks to match a live FX trade.

Following a successful proof-of-concept earlier this year, the pilot was developed by BBVA, R3 and Calypso to enable seamless, real-time FX confirmation matching between banks and their counterparties, providing an alternative to the slow and costly systems and processes used for FX trade matching today.

Currently, financial institutions rely on systems that often struggle to communicate with each other, frequently causing errors in the matching process. Fixing these errors requires manual intervention, which has significant cost and resourcing implications.

For the full text of the press release, click here.

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