Investment banks, Barclays Plc and Citigroup have both joined forces in what seems like a shot at exploring the usefulness of blockchain technology within the finance sector through a supposed “app store”. The innovative project called, “Ledger Connect”, also includes big names like IBM and Hyperledger, who have contributed in the creation of the private network.

The goal behind this project is to bring together banks and financial service providers – in a way that reduces costs and expensive technological uses, while increasing efficiency. Bloomberg shared the specs of the project, adding that their strategy will focus on,

“know-your-customer checks, collateral management and sanctions screening.”

Another interesting member, who will also lead the project, is the CLS, a global foreign exchange network. Chief Strategy and Development Officer of CLS, Alan Marquard, believes their role will make a significant difference as the forex has been known for inducing collaborations between banks and traders. He also noted in an interview that.

“you need to know that the network is being maintained where you trust the technology standards.”

Bloomberg quoted the Head of Innovation and Solution Delivery at CLS, Ram Komarraju, that the Proof-of-Concept has been under its testing phase for nearly three months and will come to an end shortly. A total of nine banks have joined the efforts, including OpenRisk, SynSwap, baton Systems, Copp Clark, and Calypso to name a few. Komarraju also noted that with time, more financial institutions are highly likely to onboard the project.

Komarraju is thrilled at the rate at which the project is rolling, as he was quoted saying,

“we so far have been very happy with the reception and feedback we’ve been getting.”

CTO of Barclays Plc, Dr. Lee Braine has shared the possible methods in which the distributed ledgers will be implemented. An example given by Dr. Braine goes as follows:

“If a financial market infrastructure provider like CLS is providing the governance and business services for a particular use case, then there may be an option for that market infrastructure provider to also host the nodes on behalf of the banks in order to accelerate the initial speed to market.”

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