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We’ve been seeing the newly invented advanced technologies on a constant basis, now the Blockchain can have a large impact on the way transactions and ownership are recorded, it is important to note that there are actually two types of blockchains: public and private blockchains. We witnessed the live instances of deployment of such technologies in various walks of our lives, such as, into trade finance, investment banking, pharmaceutical, SCM and so on.
Yesterday, the German multinational conglomerate ‘thyssenkrupp’ has traded an FX Forward with Commerzbank and this transaction was instantaneously replicated in a Blockchain successfully. The usage of such technology absolutely eliminates the scope for a manual or semi-automated reconciliation between the client and the bank, thereby drastically reducing operational risks in FX transactions.
In an EURPLN FX Forward deal, which amounted to EUR 500,000 with a one month tenor, was initiated by ThyssenKrupp using FX Live Trader, Commerzbank’s flagship FX Trading Platform. The deal confirmation was sent to ThyssenKrupp directly via CORDA, a distributed ledger designed for finance by the R3 blockchain consortium.
On this achievement, Nikolaus Giesbert, Divisional Board Member, Fixed Income, Currencies & Commodities and Trade Finance & Cash Management, Commerzbank AG, said “Reconciliation is a major issue for banks when trading FX. Significant resources are dedicated to resolving the issues that occur during the matching process. This deal demonstrates how the use of distributed ledger can transform and digitalise the processes in this space. Commerzbank is pleased to be working with ThyssenKrupp on this deal and to further develop digital banking solutions for corporates”.
With this pilot transaction, Commerzbank and ThyssenKrupp have now affirmed a real FX transaction via Blockchain. In the future, the option of offering FX Post Trade Confirmation and Matching via Blockchain may offer significant benefits. Firstly, a more streamlined FX transaction process and a real-time confirmation can offer efficiency gains for corporate treasurers by offering real-time liquidity positions. Secondly, the use of Blockchain will completely eliminate the need for transaction reconciliation, since the transaction is stored as a single immutable record on the Blockchain.
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