Four International Banks Complete Commercial Paper Transaction on R3’s Corda Platform

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A group of international banks in partnership with enterprise blockchain software firm R3 have completed a live commercial paper transaction based on blockchain platform Corda, Finextra reported Dec. 6.

The transaction was implemented on the Corda-based Euro Debt Solution application developed by R3, with German banking and financial services company Commerzbank, French corporate and investment bank Natixis, and Dutch financial services firm Rabobank as the participant.

In the course of transaction, Natixis reportedly issued 100,000 euro ($113,722) notional, while Rabobank acted as the incestor and ING as both dealer and escrow agent. Commerzbank developed the pilot framework, software and distributed ledger (DLT) network for the trade, and instructions on regulatory implications.

The banks have also developed a legal framework for

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