Service: R3 Project Maison

Responsible organisation: Financial Conduct Authority (FCA) (Central-Government)

R3 CEV has partnered with Britain's financial watchdog and two large banks to develop a blockchain-based application to improve the regulatory reporting of mortgage transactions. R3 said on Tuesday that it had developed a prototype of the system together with the Financial Conduct Authority, the Royal Bank of Scotland Group and another global bank which did not wish to be named. The system, which was built using blockchain called Corda, enables banks to generate automated delivery receipts for the regulator each time a mortgage is booked. The organizations hope that it can reduce the cost of the process and the risk of error. The FCA prototype “can give the regulator a new tool capable of overseeing mortgage activity much more quickly and efficiently than before whilst greatly reducing data inconsistencies,” Richard Crook, head of emerging technology at RBS, said in a statement.

Additional information

Source Open Innovation Regione Lombardia
Web site https://www.reuters.com/article/us-r3-fca/r3-uk-regulator-and-banks-team-up-on-blockchain-based-mortgage-reporting-idUKKCN1BN0QX
Start/end date 2017 -
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