IBM and CLS to provide DLT network for fintechs

Tuesday 31 July 2018 10:31 CET | News

IBM has partnered with US-based settlement, processing and data solutions provider CLS to work on a proof of concept for a DLT financial platform.

LedgerConnect is a distributed ledger technology platform for the financial services industry designed to enable banks, buy and sell side companies, fintechs and software vendors to deploy, share and consume services hosted on a shared distributed ledger network.

On LedgerConnect, financial institutions will be able to access services in areas such as, but not limited to, know your customer processes, sanctions screening, collateral management, derivatives post-trade processing and reconciliation and market data. By hosting these services on a single, enterprise-grade network, organisations can focus on business objectives rather than application development.

Nine financial institutions, including Barclays and Citi, are participating in the proof of concept and have selected services from a number of vendors including Baton Systems, Calypso, Copp Clark, IBM, MPhasis, OpenRisk, SynSwap, and Persistent Systems to participate in the proof of concept.

Operating on a private permissioned network based on the IBM Blockchain Platform and Hyperledger Fabric technology, LedgerConnect will be designed for regulated and security-conscious enterprises and available across asset classes.

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Keywords: IBM, CLS, DLT, distributed ledger technology, blockchain, distributed ledger technology platform, financial services, know your customer processes, Sanctions Screening, collateral management, derivatives post-trade processing, market data
Countries: World