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Imperium Markets wants to settle money market transactions instantly

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All the major banks have joined a new platform to sell term deposits to councils, universities and other investors in real-time and will pilot digital currency.

Australia’s major banks are using a new financial market that will shift settlement of term deposits for institutional investors to real-time using similar blockchain technology that the

“This is a key source of funding for the banks but a market that has been stuck in 1995 from a technology perspective,” Imperium Markets chief executive Stu Burns said. “We have built a venue where investors can send requests for quotes to multiple banks and get responses in ten minutes. It removes the manual processing.” to pilot distributed ledger technology, which will be provided by R3 Corda, including using digital currencies to create “atomic settlement”.

It is the second example of a new market structure to emerge since the failure of the ASX’s blockchain project, and is seeking to apply similar technology.

DFCRC’s partnership with Imperium will fund academic researchers to produce a peer reviewed white paper on the pilot findings that will be published in financial journals. The Reserve Bank of Australia andand has developed FinClear’s system, are among the funders of the DFCRC.

 

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