Twenty-eight Organisations Including Eighteen Banks, Three Securities Exchanges, and Other Large Institutions Participate in the Invo Global Tokenised Collateral Trial
LONDON, Oct. 16, 2019 /PRNewswire/ -- Ivno announces the successful completion of the first global token trial on R3's Corda, hosted on Microsoft Azure.
The Ivno Corda Trial was a world first with 28 participating organisations creating $18bn denominated Trial Tokens and transferred them in the Ivno network demonstrating how instantly mobile collateral tokens could be used for instant settlement, collateral management and effective cash transfer. In a live demonstration of the Ivno Corda Application trial collateral tokens were moved instantly between by nodes deployed Raiffeisen Bank International, Natixis and a large UK bank.
The existing financial plumbing and post trade processes are well recognised to be slow, inefficient, costly and outdated. Ivno's approach of providing a universal and scalable solution is designed to significantly reduce costs, remove inefficiencies and create new business opportunities across the financial landscape. DLT has been estimated to potentially reduce bank infrastructure costs by US$15-20 billion by 2022, and Ivno will be able to help achieve these savings, in addition to enabling costs savings across asset managers, exchanges, clearers and corporates.
Members of the trial were able to test Ivno's core application in three use cases:
Instant Settlement – Ivno's users were able conduct a live atomic swap of simulated ETF tokens in exchange for Ivno Collateral Tokens. Atomic swaps are a highly anticipated area of DLT and smart contracts as they promise users the ability to exchange tokens of value directly with other entities within a single, final transaction, without the need for an intermediary. This advancement of technology removes the possibility of failure of one side of the trade.
Real-Time Collateral Mobility – Collateral tokens will enable corporates, banks, buyside and brokers to instantly transfer high quality assets between subsidiaries/branches, enabling balance sheet optimisation and enhanced intra-day liquidity.
Instant Effective Cash Transfer – Large treasury functions can save significant cost and complexity by mobilising large value balance transfers between subsidiaries instantaneously without incurring the existing complexity and cost of transfer.
Daniel Halstead, Co-founder at Ivno said:
"The size, scale and success of the Ivno Global Trial validated Ivno's technology and financial design and confirmed the desire and demand for live deployment. We welcome engagement with future customers of Ivno's live service due Q1 2020."