Standard Bank furthers its exploration in blockchain across Africa as it joins R3 network

Published 

Johannesburg – Africa’s largest bank by assets, Standard Bank has joined the powerful R3 network of over 75 global financial services players to enhance their exploration into blockchain solutions that have the potential to alter the digital payment landscape of the future.

“It is essential to deliver on changing customer expectations and be innovative so that we can provide solutions that make a difference in the lives of customers. We are optimistic about the potential use of blockchain technology and are very interested to see what opportunities it presents,” says Peter Schlebusch, Standard Bank’s Chief Executive for Personal & Business Banking from Standard Bank.

“Collaboration will be critical to unlocking value and we want to be actively involved in exploring and testing how technology like blockchain can be adopted by financial institutions. Being a partner member of the R3 network will provide us with an excellent opportunity to accelerate and enhance our adoption of this new technology,” he says.

R3 is a financial innovation firm that leads a consortium partnership with financial institutions to design and deliver advanced distributed ledger technologies to the global financial markets. Distributed ledger technology has the potential to change financial services profoundly and banks are looking to, among others, develop a permissioned blockchain system that requires a level of clearance to join and can be linked to legal tender.

“South Africa is a key market for us as we continue to expand our footprint in the region. We look forward to working closely with Standard Bank to test and develop distributed ledger based technology to address some of the major challenges facing participants operating in Africa’s financial markets and beyond,” says David Rutter, CEO of R3.

The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts collaborate with consortium members on research, experimentation, design and engineering to help advance this technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.

Consortium members work closely with R3 to develop Corda™, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions.

“The potential for blockchain technology to transform the financial services industry is vast. Change should become more mainstream as regulatory acceptance grows. We are also working closely with regulators to understand implications for the SA and other African markets,” says Mr Schlebusch from Standard Bank.

Standard Bank is already engaged in a number of initiatives in blockchain for business trade and is exploring enhancements that blockchain technology can add to their cross border payment solutions.

The ability for numerous participants in the financial services sector to exchange insights and knowledge is vital for the future of a global network. “Our partnership with R3 will be essential in this regard” concludes Mr Schlebusch.

Most recent episodes

Audio TMI - ESG: Time to Decide

The pressure to comply with ESG initiatives is being felt by corporates like never before, with ESG-compliance a common concern among treasury departments. TMI talks to Lavinia Bauerochse (Deutsche Bank) about treasury’s ...

11:41

Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...

12:58

Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...

39:27

Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...

37:16

HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...

38:40

ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...

05:42

Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...

20:27

Collaborative Trade Finance: How to Unlock Liquidity at Speed

Imagine if trade finance applications were fully collaborative and corporates could communicate with every trade participant via an open digital hub.  In this podcast, Vincent Almering (Interfood Holding B.V.) and Enno-Burghard Weitzel (Surecomp) explain to TMI's Ben Poole how collaborative trade...

35:54