Citi is now using distributed ledger technology to manage collateral and send cash and securities in a single click, Citi announced last week.
The financial services organization will be using the “blockchain-inspired software,” as it is termed in a statement released December 15, to help reduce the cost of its back office operations, and for faster margin funding times and payments.
The platform, which was developed by payments technology provider Baton Systems, could “potentially free up billions of dollars in capital if trade times can be reduced from days to seconds,” as stated in the press release.
Citi is currently implementing the platform with CME Clearing to speed up settlement for collateral, according to the release.
Read more at BusinessWire and PYMNTs.
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