IPC Systems Trading Technology Service Partners with R3 Corda Blockchain On Connexus
IPC Systems is a trading communications firm that is based out of the US. Most popularly, they are known for their productions of communications systems called trading turrets, helping financial traders at their trading desks. They have decided to push the boundary with their own platform by joining forces with the R3 blockchain software brand. Together, IPC will run the Corda blockchain networks on the Connexus platform.
Connexus Cloud is the cloud-based platform for IPC, providing support for data, voice, business communications, and compliance. Firms involved often participate in one or more of these networks. The Corda network specifically uses smart contracts, but these contracts are setup as a result of price changes and changing volatility. With the collaboration between IPC and R4, the information that these smart contracts use will become more accurate.
The director of product management for IPC, Robert Coole commented, “The financial industry interest in blockchain has significantly increased in recent years, with continuous growth of investment to support this emerging technology.”
As of now, there are 26 French companies and five major banks that have already completed a test for Know Your Customer (KYC), which was hosted on the Corda platform. By being involved, the participants have the ability to use a shared network to include KYC requests. The banks will have to communicate with the customers directly to have approval to access the customer data, which they can withdraw at any point.
Back in November, a joint proof of concept (PoC) was announced by SBI Ripple Asia and the Japan Payment Card Consortium . Their goal is to reduce the amount of fraud with the use of blockchain technology, though they will also be hosting this effort on Corda. According to reports, the PoC will make it possible to reduce and ultimately prevent fraudulent transactions from occurring at all.