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Natixis, Raiffeisen Bank and others participate in global tokenised collateral trial on R3’s Corda

Thu, 17 Oct 2019, 04:39 am UTC

A total of 28 organizations, including 18 banks, 3 security exchanges and other large institutions, have participated in a global trial involving collateralized tokens.

London-based fintech firm and R3 partner, Invo, has announced that it has successfully completed the trial on the Corda blockchain platform, hosted on Microsoft Azure. Participating organizations include CIB, Cobalt, DBS Bank, Gateway DLT, Itaú Unibanco, National Bank of Canada, Natixis, Raiffeisen Bank International, SBI R3 Japan, and U.S. Bank, among others.

Ivno has designed Ivno Collateral Tokens which combine daily liquidity, precise denomination and Cash & Cash Equivalent (C&CE) for corporates combined with HQLA Level 1 status for banks. It believes that collateral tokens will allow corporates, banks, buyside, and brokers to instantly transfer high-quality assets between subsidiaries/branches, enabling balance sheet optimisation and enhanced intra-day liquidity.

According to a press release, the participating organizations created $18 billion denominated trial tokens and transferred them in the Invo network, demonstrating how collateral tokens can allow for “instant settlement, collateral management and effective cash transfer.”

A live demonstration of the Ivno Corda Application saw collateral tokens moved instantly between by nodes deployed Raiffeisen Bank International, Natixis and a large UK bank.

"The size, scale and success of the Ivno Global Trial validated Ivno's technology and financial design and confirmed the desire and demand for live deployment. We welcome engagement with future customers of Ivno's live service due Q1 2020,” Daniel Halstead, Co-founder at Ivno said.

Trial participants were able to test Ivno's core application for instant settlement. They conducted a live atomic swap of simulated ETF tokens in exchange for Ivno Collateral Tokens.

Atomic Swap is a smart contract technology that enables exchanging one cryptocurrency for another without the need for centralized intermediaries, such as exchanges.

Participants also tested Invo’s application for real-time collateral mobility and instant effective cash transfer.

Marin Karaga, Tokenization Stream Lead, Blockchain Hub at Raiffeisen Bank International, said that the trial allowed the participants to tokenize liquidity and then transfer and settle globally “within seconds” using the Ivno Instant Settlement Corda Application.

"Liquidity management will enter a new era once products and services like Ivno go live,” Karaga said. “RBI sees tokenization as a concept that will revolutionize many aspects of the traditional financial industry and is eager to participate in trials pushing this concept closer to practical implementation.”

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