DALLAS and NEW YORK, Sept. 6,
2017 /PRNewswire/ -- BT today announced that Cobalt,
the FX post-trade processing network based on distributed ledger
technology, has joined the BT Radianz Cloud — the world's largest
financial community. Organisations can now access Cobalt's
private peer-to-peer and blockchain services via their highly
secure and resilient Radianz Cloud connections, helping firms
reduce cost and operational risk.
Cobalt uses distributed ledger technology to remove cost and
complexity from post-trade processing. It leverages
blockchain-derived concepts of encryption, digital signatures and
consensus to deliver a single, immutable record for each trade,
replacing traditional systems which often involve duplicated
processes. By creating a shared view of trade data, Cobalt frees up
back and middle office resources from multiple layers of
reconciliation, speeding up processing.
By joining the Radianz Cloud community, Cobalt gains global
connectivity to thousands of financial services institutions as
well as access to BT Radianz Hosting services. Radianz Hosting
delivers managed hosting services available from more than 20 data
centres located in key cities where significant clusters of capital
market organisations are present.
Adrian Patten, Co-Founder of
Cobalt, comments: "We recognise that using innovative technologies
is key to making a cost-effective shared infrastructure a
reality. It's vital that the infrastructure used by
institutions is secure and enterprise grade. We are delighted to be
working with BT to make sure that Cobalt leads the pack in terms of
these requirements."
David Payne, managing director of
Radianz, BT said: "Entrepreneurial fintechs like Cobalt are a
growing source of innovation in the financial markets
industry. By offering their services via the BT Radianz
Cloud, they gain access to a ready-made market place and a
commercial structure that helps them address the stringent
contractual and compliance expectations of financial
institutions. We're delighted to welcome Colbalt into our
cloud community."
The Radianz Cloud links a community of thousands of brokers,
institutions, exchanges and clearing and settlement houses. Through
a single, resilient and secure network connection, members can
reliably access thousands of applications and services from more
than 400 providers critical to the every-day running of the global
financial sector.
ENDS
For further information
Enquiries about this news
release should be made to the BT Group Newsroom on its 24-hour
number: 020 7356 5369. From outside the UK dial + 44 20 7356 5369.
All news releases can be accessed at our web site:
http://www.btplc.com/News
About Cobalt
Cobalt delivers a private peer-to-peer network that harnesses
the potential of distributed ledger technology to significantly
reduce post-trade cost and risk for financial market participants.
With no legacy infrastructure to protect, Cobalt is taking a fresh
approach to post-trade technology. This is the future of financial
services infrastructure: signed, sealed, delivered.
www.cobaltdl.com
About BT
BT's purpose is to use the power of
communications to make a better world. It is one of the world's
leading providers of communications services and solutions, serving
customers in 180 countries. Its principal activities include the
provision of networked IT services globally; local, national and
international telecommunications services to its customers for use
at home, at work and on the move; broadband, TV and internet
products and services; and converged fixed-mobile products and
services. BT consists of six customer-facing lines of
business: Consumer, EE, Business and Public Sector, Global
Services, Wholesale and Ventures, and Openreach.
For the year ended 31 March 2017,
BT Group's reported revenue was £24,062m with reported profit
before taxation of £2,354m.
British Telecommunications plc (BT) is a wholly-owned subsidiary
of BT Group plc and encompasses virtually all businesses and assets
of the BT Group. BT Group plc is listed on stock exchanges in
London and New York.
For more information, visit www.btplc.com
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SOURCE BT