50 Banks Trialing Trade Finance App

The app called Voltron was built with R3’s Corda blockchain; banks like ABN Amro, Standard Chartered, ING are among the 50 that have participated in the tests which included firms across 27 countries to simulate credit transactions; the transactions using Voltron can process in under 24 hours which is a huge savings compared to the 5-10 days it typically takes; R3 has reported that 96% of the trial participants concluded that it would help improve their current trade finance processes while reducing costs. Source