Calypso Technology, one of the leading financial software vendors, has become the first partner to develop capital markets applications on R3’s Corda distributed ledger-based smart contract platform.
According to the official announcement, R3 and Calypso Technology are currently developing a multi-party trade confirmation solution and testing it with multiple financial institutions.
David Rutter, CEO of R3 commented:
“R3 is the largest collaborative consortium of its kind in financial markets, now comprising over 70 members from all corners of the industry. Calypso is the first capital markets application partner to engage with R3, which reflects the unique synergy between the two firms. We look forward to leveraging our combined expertise to address some of the major pain points facing the global financial services industry with innovative distributed ledger-based technology.”
Calypso will be the first application partner to leverage the R3 platform, which will allow financial institutions and their technology partners to work more closely together in a safe and efficient distributed ecosystem. The platform records and manages financial agreements between counterparties, leveraging distributed ledger technology to guarantee a consistent, accurate, auditable, reportable record.