Citigroup, Barclays Near End of Blockchain Test Managed by IBM
- Banks are hoping to pool tech resources to cut spending
- Project offers shared applications on a blockchain network
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Barclays Plc and Citigroup Inc. are poised to complete a test of how blockchain technology can streamline their operations as part of a group organized by IBM and one of the world’s largest financial infrastructure providers.
The project, known as LedgerConnect, aims to allow banks and financial firms to share techniques for know-your-customer checks, collateral management and sanctions screening. The private network was created by IBM and blockchain software developer Hyperledger, according to a statement Monday. CLS, whose global foreign-exchange network settles $5 trillion of payments a day for 24,000 clients, is also heading the project.