The R3 blockchain consortium has announced the addition of Synchrony Financial (NYSE: SYF) – the first credit card company to join the collaboration dedicated to designing and applying distributed and shared ledger-inspired technologies to global financial markets. Formerly known as GE Capital Retail Finance Corporation before its IPO, Synchrony Financial is the largest provider of private label credit cards in the US market.
Synchrony Financial Executive Vice President and CIO, Carol Juel, noted: “We are excited to be a part of the R3 consortium to explore use cases for distributed and shared ledger technology. Having access to the R3 network and research will be valuable as we think through the many opportunities for blockchain to be leveraged across the consumer finance landscape.”
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David Rutter, CEO of R3, commented: “R3 is the largest collaborative consortium of its kind in financial markets, comprising members from all corners of the industry. We welcome Synchrony Financial to the consortium and look forward to giving them access to a huge pool of expertise from electronic financial markets and distributed and shared ledger technologies, led by our team of technologists and industry experts.”
Synchrony Financial joins the global network of R3 partners united in its lab environment, the R3 Lab and Research Centre, which has become a center of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies.