FCA joins R3 to develop blockchain-based regtech solution

Thursday 14 September 2017 08:55 CET | News

The UKs Financial Conduct Authority (FCA) has teamed up with R3 to develop a blockchain technology-based regtech application for the mortgage industry.

The application aims to improve regulatory supervision in the mortgage space. The regtech solution is built on R3s distributed ledger platform called Corda and it allows mortgage lenders like banks to automatically generate receipts whenever a mortgage transaction is executed.

The receipts are stored on a distributed ledger, creating a transparent and immutable record of all transactions in real time, and enabling regulators like the FCA to oversee such transactions as they happen. Currently, lenders must manually compile and submit a record of their mortgage lending activity to the FCA every three months.

Royal Bank of Scotland (RBS) and a third unnamed bank also took part to this project that has been developing the prototype for several months. Currently, the parties will work toward onboarding more participants to gather feedback on the application, in preparation for a live pilot.

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Keywords: Financial Conduct Authority, FCA, R3, Corda, fintech, mortgage, regtech, Royal Bank of Scotland, UK
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies