R3 is the partnership compromised of a group of banks including Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, J.P. Morgan, State Street, Royal Bank of Scotland, UBS, and more banks are expected to pledge their support in the coming weeks.
The recently formed partnership will be focusing in 3 types of verticals:
- Crypto 2.0 Intelligent application of cryptographic technology and distributed ledger-based protocols within global financial markets
- Exchanges Innovative new execution solutions which redefine the trading experience for existing and evolving asset classes
- Ventures Targeted early stage investments in forward thinking companies that seek to shape the next generation of financial services
Highlights from press release
R3 announced the partnership on the September 15, 2015 press release with the following hightlights.
“Our bank partners recognize the promise of distributed ledger technologies and their potential to transform financial market technology platforms where standards must be secure, scalable and adaptable.”
The group will collaborate on research, experimentation, design, and engineering to help advance state-of-the-art enterprise-scale shared ledger solutions to meet banking requirements for security, reliability, performance, scalability, and audit. R3 and its bank partners will establish collaborative joint working groups to lead these efforts, which will leverage the R3 team as well as experts within the partner banks.
These new technologies present an opportunity for the world’s financial institutions to safely and securely store and share data in a consistent, effective ledger outside the firm’s firewalls where it can be analyzed and matched against other counterparties.
"These new technologies could transform how financial transactions are recorded, reconciled and reported – all with additional security, lower error rates and significant cost reductions, R3 has the people and approach to drive this effort and increase the likelihood of successfully advancing the new technology in the financial industry."
More information: R3 website