R3CEV adds new member, Hana Financial Group joins

Financial institutions around the world have begun to show interest in using blockchain technology. R3 is one of the companies at the forefront of adopting blockchain technology.

R3, a New York-based financial technology startup focused on blockchain-based financial technology solutions, has established a group of more than 40 international banking institutions to build a customized cross-border blockchain solution based on Ethereum.

Now the banking alliance has welcomed a new member, Hana Financial Group. This is the first Korean financial institution to join the R3 alliance.

The R3 consortium currently includes financial institutions such as Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase, UBS, Morgan Stanley, and many others as members. The expected outcome of this elite network is fast and low-cost SWIFT fund transfers between accounts at different banks.

Previous reports have confirmed that blockchain technology can help banking institutions save millions of dollars in compliance and regulatory costs. R3 has already achieved significant results in this regard.

The alliance recently announced the launch of Corda, their latest distributed private ledger built specifically for this purpose, and they have managed to successfully establish some great partnerships that will enable faster implementation.

One of those partnerships includes working with Microsoft to use its Azure Blockchain-as-a-Service to implement blockchain technology among banking partners.

Hana Financial said in a statement:

“The company is looking forward to using the global blockchain services provided by Corda in its overseas remittance services and secure verification procedures. Hana Financial plans to bring the benefits of blockchain technology to a wide range of customers. If all goes according to plan, Hana Financial Group will be able to fully implement blockchain technology and be on par with other banks in the R3 consortium.”

Financial institutions today are certainly seeing some compelling blockchain developments, and they will only get more fascinating as more new blockchain technology applications are introduced to the industry.

Original article: http://www.newsbtc.com/2016/04/18/hana-financial-newest-addition-to-the-r3-consortium/
Author: Gautham
Compiled by: Kyle
Source (translation): Babbitt Information