Banks test blockchain for reference data management

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Image Source: Article

In the latest blockchain experiment carried out under the R3 banner, major banks including Citi and HSBC are looking into how distributed ledger technology can be used to simplify reference data processes. Reference data is a major pain point for financial firms, which suffer from a lack of automation and a reliance on legacy systems, meaning that they each have their own records, with inevitable and costly inconsistencies that need to be reconciled.

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