Cobalt puts middle and back office in BT’s cloud

London-based fintech Cobalt has been working with BT to deploy its systems in the telecom’s Radianz Cloud, which has a network that links thousands of brokers, institutions, exchanges and clearing and settlement houses globally. Cobalt provides a shared back and middle office infrastructure using a combination of an immutable shared ledger and low latency technology. It is being launched following a successful deployment with “a major global institution”.

By creating a shared view of trade data, Cobalt frees up back and middle office resources from multiple layers of reconciliation and creates one immutable record of FX transactions from which to provide multiple services. Cobalt’s private network reduces risk and post-trade costs for financial market participants by up to 80%.

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