Compliance software provider Accuity has partnered with financial innovation company R3 to integrate its financial crime screening tools with the Corda distributed ledger technology platform.

R3 claims its Corda platform has the potential to improve efficiency and save costs in letter of credit (L/C) processing applications.

L/C applications

Eleven banks are collaborating on a prototype application for L/C processing over a platform developed by R3, which leads a consortium of dozens of the world's largest financial institutions in the research and development of blockchain or distributed ledger solutions.

The partnership with R3 however is Accuity's first foray into blockchain, and it will mean that users licensed to use its software will be able to screen transactions conducted on Corda without leaving the platform.

Compliance

Accuity has developed what it calls an 'oracle node', which can be activated by Corda users to screen transactions for compliance in several areas.

These include the EU's fourth anti-money laundering directive and the USA patriot act, as well as regulatory guidelines issued by the US' Office of Foreign Assets Control and the Monetary Authority of Singapore.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.