12 new banks join blockchain consortium R3

     Now, twelve additional banks have joined a blockchain consortium led by startup R3CEV.

     New banks joining the group include Santander, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, Oriental Patron, Scotiabank, Sumitomo Mitsui Banking Corporation, U.S. Banco, Westpac Banking Corporation and BMO Financial Group.

     The alliance, which was announced in September and focuses on proof-of-concept trials and the development of blockchain technology standards, was established through a series of workshops and meetings with banks, some of which later signed agreements with the group.

     The alliance has grown since its first nine members were announced in the fall. In the past few months, 33 banks have joined the initiative. With the new members, the total number of participating banks has risen to 42.

     R3 indicated that the “initial window” for members to join the consortium has closed, but said it will seek to work with non-bank financial institutions and groups in 2016.

     The company acknowledged support for the expansion of technology among global banks, some of which are aligning their own investigations with the work of the alliance.

     R3 CEO David Rutter said possible applications for the solutions would “cut across asset classes, geographies and market participants.”

He added in a statement:

     “Ultimately, these technologies will benefit not only financial services firms, but also their clients and end users. We are excited to be at the forefront of global developments.”

     When asked for comment, Santander said the group offered an opportunity to “work together in a collaborative way to build a new financial technology platform based on cryptocurrencies and distributed ledgers.”

     “Santander is keen to drive this collaborative project forward to shape the new trajectory on which the financial industry will operate in the future,” it said.