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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