Cobalt joins BT Radianz Cloud
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.
COBALT JOINS BT RADIANZ CLOUD
Financial services institutions are now able to benefit from Cobalt’s cutting edge distributed ledger technology in conjunction with BT’s award winning BT Radianz Services.
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.
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
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.
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