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EIB, Euroclear, Banco Santander & EY developing blockchain solution

The European Investment Bank (EIB), Euroclear, Banco Santander, and EY have worked together on an end-to-end blockchain solution for the issuance and settlement of European Commercial Paper (ECP).

The proposed blockchain solution will reduce time-consuming bilateral processing between multiple market participants, providing a consolidated hub for the issuing of ECP with DVP settlement by Euroclear. The blockchain solution should offer full transparency and traceability of ECP issuance related activities; a reduction in operational costs and true time optimisation, making ECP same day issuance, a new market standard.

Edwin De Pauw, Head of Data Services and Innovation, Euroclear Group said: “We are delighted to have completed this proof of value with our partners and excited by the innovation opportunities it creates. Our ambition is to deploy an efficient blockchain powered solution that supports further growth of intra-day issuance for ECP markets.”

Peggy Nylund Green, Director of Planning and Settlements of Operations, EIB added: “On the occasion of the first anniversary of the EIB Blockchain Challenge, we would like to thank all actors for their participation in the proof of value exercise for this innovative initiative. EIB launched it, in our supportive role in the development of the EU internal market and will be pleased to see further innovations in the ECP market.”

John Whelan, Head of Digital Investment Banking, Banco Santander said: ”This proof of value further validates the potential impact of blockchain technology on the securities issuance process, where there is a huge opportunity to introduce efficiencies, reduce time-to-market and improve the experience for issuers and investors.”

Angel Pavlov, Senior Manager, EY and designer of this solution concluded: “Following EY winning the EIB Blockchain Challenge, we are pleased to validate our solution on a larger scale. Further development of this innovative blockchain case is in line with our commitment to consistently bring more value to the business through innovation.”

Based on the initiative’s success, Euroclear intends to move on to pilot phase soon. Other ECP issuance institutions have expressed interest and will be invited to participate in the pilot phase.

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