R3 is an innovative distributed database technology company based in New York. It was founded in 2014 by David Rutter, and now provides financial system service to more than 75 of the world biggest financial institutions, including Bank of America, Wells Fargo, Citi Bank, HSBC, Morgan Stanley and etc. Its main duty is to design and deliver advanced distributed ledger technologies to the global financial markets.
Key features of R3’s strategy provided are so called “3 pillars”:
“Pillar 1: Financial Grade Ledger—the base layer reference architecture to underpin a global financial-grade ledger
Pillar 2: Lab and Research Center (“LRC”)—Deploy secure, multi-institution collaborative lab to test and benchmark blockchain technologies
Pillar 3: Product Development—Run use cases to identify and design ‘up the stack’ commercial applications”
The reason R3 is taking the lead in this renovation of financial system technology is that it aligns similar interests from different users, and pushes distributed ledger and blockchain technologies to solve real-world problems with payments, settlements, regulatory burdens, etc. But one thing R3 should really keep up with in this fierce rival of financial system technology upgrade: put their platform into production ASAP to build entry barriers for other competitors.
Source: http://www.r3cev.com/