R3 teamed in another trade finance partnership

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Announced on Monday, the partnership follows R3 pilot with the Japanese financial giant Mizuho for digitizing letters of credit and bills of lading, and an application for trade finance developed by 11 international banks using the Corda consortium platform.

The new partner R3, Bolero, based in the U.K., already offers an electronic bill of lading and a registry with a common legal base, but the coverage of this service will be expanded by the development of the oracle at Corda, the companies said.

The new partnership will enable operators who use the existing Bolero service in the large and growing ecosystem of financial institutions of R3, which use Corda.

At the same time, the new service will reduce the time - from several days to hours - the companies of the entire supply chain need a complete presentation of documents, financing and payment, said R3 and Bolero.

Last week, R3 released version 1.0 of Corda, the product of two years of work, contributed to the code from more than half of the 100 members of the consortium and more than $ 100 million in increased capital.