National Australia Bank has joined 21 other banks in a partnership to design and apply distributed ledger technologies to global financial markets, led by financial technology firm R3.
R3 announced the news of the first nine member banks in early September. These global banking powerhouses included Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan, Royal Bank of Scotland, State Street and UBS.
In late September, the addition of NAB was revealed along with 12 other banks, Bank of America, Bank of New York Mellon, Mitsubishi UFJ Financial Group, Citi, Commerzbank, Deutsche Bank, HSBC, Morgan Stanley, Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank.
NAB CEO Andrew Thorburn told the Faifax Media “We are doing it to learn. It is equity capital at risk so we can learn faster to protect the core, grow our business and serve our clients better.”
The primary goal of the project is examine commercial applications for the emerging blockchain technology in the global financial services industry. The project will also seek to establish consistent standards and protocols for the technology in order to facilitate broader adoption and gain a network effect.