Calypso Technology, a provider of innovative cross-asset front-to-back technology solutions for complex financial markets, announced its partnership with R3 blockchain consortium in order to develop capital markets application on R3 Corda blockchain platform.

The partners are presently working on to develop a multi-party trade confirmation solution and testing it with multiple financial institutions, the release stated. R3 Corda, the open and inclusive smart contract platform, offers third party providers and partners like Calypso, to build and operate blockchain applications with the help of common code and protocols to ensure interoperability.

The platform not only records and manages financial agreements between counterparties but also leverages blockchain technology to ensure a consistent, accurate, auditable, reportable record.

“Calypso is the first capital markets application partner to engage with R3, which reflects the unique synergy between the two firms. We look forward to leveraging our combined expertise to address some of the major pain points facing the global financial services industry with innovative distributed ledger-based technology,” David Rutter, CEO of R3 said.

The trade confirmation solution by both the partners’ will make use of the blockchain in order to transform the current process, gradually increase transparency and thus simplify dispute resolution.

All the trade tickets will be on the distributed ledger, which can be seen by trade parties to ensure that they are matching against the correct trade. This will represent the first real integration between a blockchain platform and a financial software vendor.

“We are thrilled to be working with R3 and honored to be their first application partner. The alignment between the two firms is exceptional – our deep expertise in capital markets combined with their industry-leading distributed ledger technology will allow us to develop a range of innovative applications quickly and efficiently. Our current matching solution is only the beginning,” Pascal Xatart, CEO of Calypso, mentioned.