BT and Cobalt have brought fintech innovation to global foreign exchange (FX) markets.
Through the creation of the shared view of trade data, Cobalt has freed up back and middle office resources from multiple layers of reconciliation.
This has created one immutable record of FX transactions in order to provide multiple services.
Additionally, Cobalt’s private network dramatically reduces risk and post-trade costs for financial market participants by up to 80 percent.
Meanwhile, Cobalt has been working with BT to deploy its systems in the BT Radianz Cloud, which allows it to benefit from a ready-to-exploit global market, ability to scale, and commercial structure.
This enables Cobalt to meet the requirements of large financial institutions to its target customers.
According to Cobalt, security and resilience are key. Radianz connectivity and managed hosting services help Cobalt meet strict service level agreements and customers’ high security requirements.
Michael Woodman, managing director of Radianz Services BT, said: “The Radianz Cloud is a catalyst for innovation, giving institutions access to the very latest technologies and services via a platform and commercial framework built for the exacting demands of the global financial markets.”
“With the launch of Cobalt’s new low-latency private network services, the Radianz Cloud community can now benefit from blockchain technologies supporting encryption, digital signatures and consensus to deliver a single, immutable record for each trade.”
He added: “This will create new efficiencies for institutions in what were previously admin-heavy post-trade processes.”
Adrian Patten, co-founder and chairman of Cobalt, added: “While other firms in the blockchain space have been experimenting with the technology, we have designed, built and tested a solution to a very specific and pressing challenge in FX and are now making it live with BT Radianz.”
“This will give Cobalt the scale and reach it needs on tap, backed by BT’s experience and capability of delivering solutions to large financial services organisations.”
He concluded: “It’s an ideal platform for growth and will help us achieve our aim of revolutionising the post-trade space in the biggest financial market in the world.”
