Enterprise blockchain platform XinFin is joining the R3 consortium, with the R3 Corda marketplace hosting several XinFin apps for business users, the companies said in a press release Friday (Feb. 8).
The blockchain-powered XinFin applications include invoice financing, trade finance, real-time remittance, digital asset management and apps with other functionality. Financial institutions that use the R3 Corda blockchain platform can gain access to and integrate these apps.
XinFin also noted that its developer community will bridge the Corda private network to XinFin's public network to support a hybrid, public-private blockchain ecosystem. XinFin's public eXchange inFinite public network has integrated Know Your Customer and Anti-Money Laundering capabilities designed to maintain security while transacting assets like trade finance instruments and bonds, the announcement noted.
In 2017 XinFin announced that it aimed to standardize enterprise blockchains by adding the XdC01 protocol, which allows firms to "keep their financial transactions private but still verifiable by an immutable record on the public state of blockchain," XinFin Chief Technology Officer Karan Bharadwaj said in a statement at the time.
XinFin also said in that announcement it would integrate its hybrid blockchain technology into an array of enterprise apps through collaborations with various partners with a focus on "business process re-engineering, supply chain, financing, procurement and settlement."
R3's collaboration with XinFin follows last month's announcement that ING Bank reached an agreement with R3 that allows the financial institution to access an unlimited number of licenses from the Corda Enterprise platform, and to deploy those apps across its own back-office systems. ING said that it would target trade finance, insurance, identity management and other back-office apps.
"Our longstanding joint journey with R3 has proven that this is the most mature [distributed ledger technology] solution to serve the needs of the financial service industry," said ING Head of Innovation for Wholesale Banking Annerie Vreugdenhil in a statement last month.