11 banks participate in blockchain intraday FX trial


Blockchain startup Finteum has revealed that 11 banks participated in a trial of its FX intraday swap solution.

NatWest, Deutsche Bank, Bank of Ireland, Banca Mediolanum and seven other banks participated with USD 14.5 trillion in combined balance sheet values. The solution is planning live trades in late 2021 or early 2022.

What Finteum wants to introduce is a tool to manage intraday liquidity beyond buffers and payment throttling. Both legs of the swap, the initial spot exchange and the second reverse exchange, happen on the same day. And instead of two-day settlement, it’s either same day or instant payment versus payment settlement, depending on the solution used for settlement.

The Finteum solution is based on R3’s Corda enterprise blockchain. So far, Finteum has raised angel funding with a view to doing a more substantial fundraise closer to launch.



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