BBVA Tests FX Matching Blockchain Developed by Calypso and R3

Multinational Spanish bank BBVA and its Mexican subsidiary BBVA Bancomer have announced that they are testing an FX matching application developed by Calypso Technology and R3. The application, which runs on R3’s Corda platform and is facilitated by Calypso’s Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term services, has already been used by the two banks to match a live FX trade.

“BBVA is very excited about this initiative for two reasons. Firstly, it gives us the opportunity to assess the impact of a disruptive technology such as DLT, to generate efficiencies in one of our strategic business lines. Secondly, it has the potential to set a new standard in customer experience on the servicing ground," stated Ramon Martinez Sobrado, Global Head of CIB Operations at BBVA.

“Calypso sees Distributed Ledger Technology as an important component of our innovative offerings to transform the post-trade processing operations. We are excited, that after successful completion of the initial PoC, BBVA, BBVA Bancomer and our strategic Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term partner R3, have engaged in the next phase of Calypso FX Matching Distributed Ledger Technology service supported by our Cloud services,” commented Mayank Shah, Head of Strategy, Marketing and Alliances.

“Reconciliation is a major issue for banks when trading FX, with whole departments often dedicated to resolving the issues that occur during the matching process. Corda removes this issue entirely by creating a single, undisputable record of each trade. We are pleased to be working with our members BBVA and BBVA Bancomer on this pilot with Calypso and look forward to extending the initiative to other industry participants in the coming weeks,” said Todd McDonald, co-founder at R3.