15 banks joined DTCC Post-Trade Blockchain

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The Depository Trust and Clearing Corporation (DTCC) advanced the blockchain platform project to the testing phase with 15 largest banks, which was the last step before the technology begins to live.

The Depository Trust and Clearing Corporation (DTCC) advanced the blockchain platform project to the testing phase with 15 largest banks, which was the last step before the technology begins to live.

Today it was announced that the British Barclays is among the banks participating in testing, the remaining 14 banks have not yet been named. DTCC plans to move to an “open” testing phase by the end of the year.

Recall that the essence of this project is to improve the settlement and clearing infrastructure. It contains the integration of solutions based on distributed registry technology. It is believed that this technique is able to eliminate delays encountered during the clearing operations. The developers believe that the blockchain technology will allow making clearing payments instantly, otherwise, they can take up to several days.

Creating a platform for the Trade Information Store (TIW) is one of the most ambitious blockchain projects. It includes the world’s largest derivatives dealers, more than 2500 firms and other market participants in almost 70 countries. Testing is expected to be completed by the first quarter of 2019.

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