Commerzbank and thyssenkrupp process FX transaction via Blockchain

thyssenkrupp has traded an FX Forward with Commerzbank and the transaction was instantaneously replicated in a Blockchain successfully.

June, 2018

Commerzbank and thyssenkrupp process FX transaction via Blockchain

thyssenkrupp has traded an FX Forward with Commerzbank and the transaction was instantaneously replicated in a Blockchain successfully. The use of Blockchain completely eliminates the need for a manual or semi-automated reconciliation between the client and the bank, thereby drastically reducing operational risks in FX transactions. The EUR/PLNFX 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.