Corporate Finance News

Vendredi 18 Octobre 2019

28 Organisations Participate in the Ivno Global Tokenised Collateral Trial

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The existing financial plumbing and post trade processes are well recognised to be slow, inefficient, costly and outdated.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."

David E. Rutter, CEO at R3, said:

"The number and calibre of participants we have seen take part in the Ivno token CorDapp trial is testament to blockchain's growing use cases. The Ivno Settlement CorDapp answers industry needs – the need for instantaneous collateral movement and settlement. Ivno's vision of real-time, instant value transfer aligns with R3's own objectives and we are looking forward to seeing more banks realise the benefits of Corda, in our trials and beyond."

Marin Karaga, Tokenization Stream Lead, Blockchain Hub at Raiffeisen Bank International said:

"It was amazing to see liquidity being tokenized and then transferred and settled globally within seconds using the Ivno Instant Settlement Corda Application. Liquidity management will enter a new era once products and services like Ivno go live. RBI sees tokenization as a concept that will revolutionize many aspects of the traditional financial industry and is eager to participate in trials pushing this concept closer to practical implementation."

Yusuke Ikunaga, Head of Product and Service Dept at SBI R3 Japan said:

"SBI R3 Japan clearly understands how the enterprise-grade token economy will evolve and function from its participation in the Ivno Global Trial. We hope that this solution built on Corda will change the financial market entirely."

28 Organisations participated in the trial including:
- Cobalt
- DBS Bank
- Gateway DLT
- Itaú Unibanco
- National Bank of Canada
- Natixis
- Raiffeisen Bank International
- SBI R3 Japan
- U.S. Bank

Ivno predicts that collateral tokens will create profound shifts in the transfer of value, giving institutions opportunities for whole new ways to serve their customers and end users. This is confirmed with 100% of trial feedback respondents stating that, "asset backed tokens, and natively issued asset tokens have the potential to reshape the landscape of financial services."

Ivno are inviting customers to sign up for its live service later this year, please get in touch with Daniel Halstead Co-Founder on to discuss how Ivno's collateral tokens could enable your organisation to transfer value at scale.

About Ivno
Ivno is a fintech business in London creating tokens of highly rated collateral for use as very fast moving, very secure and liquid unit of transferable value. Large organisations transacting hundreds of millions or billions of dollars need a system of tokenisation designed specifically for their issues, taking in to account trading limits at banks, counterparty exposure during transactions and the cost and complexity of moving very high values to subsidiaries and intermediaries.
Ivno's investment in to IP has been to create a universal Cash & Cash Equivalent[1] / Level 1 HQLA[2], stable value, Collateral Backed Token for use by financial institutions and enterprise customers. The Collateral Backed Token is legally enforceable and will not introduce credit or counterparty exposure, which ensures integrity of the underlying asset and suitability for multiple market participants including, banks, exchanges, CCPs, corporates and buy side institutions.

[1] distributed ledger technology could reduce banks' infrastructure costs attributable to cross-border payments, securities trading and regulatory compliance by between $15-20 billion per annum by 2022,

2 independent advice should be sought on interpretation of cash and cash equivalent status under US GAAP (FASB ASC paragraph 305-10-20), IFRS9 (IAS7) and UK GAAP (FRS102)

3 independent advice should be sought on interpretation of Directive 2013/36 EU and Regulation (EU) No. 575/2013


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