Eleven
of the banks — Bangkok Bank, BBVA (Banco Bilbao Vizcaya Argentaria), BNP Paribas, HSBC, ING, Intesa Sanpaolo, Mizuho, RBS (Royal Bank
of Scotland), Scotiabank, SEB and US Bank — are preparing to use R3's
blockchain software Corda to test an
application aimed at cutting costs and increasing efficiency in the processing
of sight letters
of credit, which, as it is intended, will be payable immediately upon receipt
of the letter and supporting documents by the
relevant financial institution.