Accenture Teams Up With R3, SAP To Develop ‘Seamless Financial Services Ecosystem’ Using DLT

The consultancy firm Accenture partners with an enterprise blockchain technology company, R3. The partnership also involves a leading software firm SAP – the three firms are collectively developing a prototype that will lessen the time required to execute high-value transactions.

They aim to unite the distributed ledger technology (DLT) and standard mechanism to perform end-to-end settlements of large sums of money.

As per Accenture’s blockchain lead, John Velissarios, the upcoming platform will;

“Because the current payment settlement infrastructure is highly complex and fragmented, RTGS systems that leverage DLT and cryptographically secure tokenized payments can help central banks improve efficiency and security,”

Namely, these giants are collectively planning to develop a real-time gross settlement (RTGS) system to bridge the gap between banks and customers to enable faster, efficient, relatable, and secure payments.

.@Accenture and @SAPBanking on why @Cordablockchain was the best choice for their #DLT augmented RTGS prototype. #CordaCon2019 pic.twitter.com/A7TDu93HRH

— R3 (@inside_r3) October 24, 2019

Interestingly, they plan to facilitate integration and interoperability between DLT-based and traditional government-based payment settlement systems by using currency tokens. Accordingly, this digital currency will act as an alternative solution for Govt-backed fiat currency, while utilizing cryptography to enhance security and authenticity.

John Velissarios elaborated,

“The RTGS prototype, designed in collaboration with SAP and R3, demonstrates the next stage of efficiency in payment systems and ultimately paves the way to linking to tokenized-assets, like equities, to create an increasingly integrated and seamless financial services ecosystem.“