R3, the Financial Conduct Authority (FCA), RBS and another unnamed major global bank have built a prototype application for regulatory reporting of mortgage transactions on the Corda blockchain platform. The application is able to generate automated delivery receipts for the regulator when a mortgage is booked.
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The participants say they that will continue working with R3 to move towards a live pilot of the application. This will involve engaging with other UK mortgage lenders, the academic community and other regulatory bodies to showcase the prototype and receive feedback for shaping a production-ready version.
David Rutter, CEO of R3, comments: “We have engaged with hundreds of regulators across the world since the outset of R3. Our members are some of the most heavily regulated institutions in the world, and so streamlining and improving regulatory reporting has been a key consideration as we develop Corda. Bringing regulators and banks together in projects like this is the only way to develop effective, futureproof solutions that meet the needs of all parties involved.”
Richard Crook, Head of Emerging Technology at RBS, says: “This project has shown that distributed ledger technology, and specifically the Corda platform, can give the regulator a new tool capable of overseeing mortgage activity much more quickly and efficiently than before whilst greatly reducing data inconsistencies. This also streamlines our business, enabling us to simplify our processes and deliver better experiences for our customers.”