4 Banks Complete €100K Commercial Paper Transaction on R3’s Corda

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Four European banks – Commerzbank, ING, Natixis and Rabobank – have settled a live transaction for a short-term debt instrument on the Corda platform developed by blockchain consortium startup R3.

According to a report from FinTech Futures on Thursday, the transaction involved an issuance of a one-day maturity euro commercial paper (ECP) worth €100,000 (or $1,13,432) at a notional value.

Natixis reportedly acted as the issuer of the instrument, Rabobank as the investor and ING as both the dealer and escrow agent. Commerzbank provided tech support and regulatory guidance.

The blockchain solution is aimed at reducing operational costs and risks for banks, as well as speeding up settlement of such transactions for their clients.

“This live trade lays the foundation

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