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Canadian financial company BMO Capital Markets is working with Ontario's retirement plan on a new blockchain pilot.
The process sees the two companies register a fixed income issue on a blockchain platform in an attempt to assess the feasibility of using technology for this purpose.
"The transaction included Bank of Montreal as issuer and Ontario Teachers as a buyer of a $ 250 CDN [million] 1-year floating rate deposits, making it the first fixed income in Canadian dollars issue that demonstrates the feasibility of the blockchain platform, "BMO said in a statement.
The prototype allows participants to view the transaction and verify the accuracy of the deadline and payment amounts before the security reaches its expiration date. The solution is aimed at reducing the costs associated with compliance and financial reporting, among other areas.
Ontario Teachers is a remarkable partner, given the demographic band it covers. The organization is a monoprofessional pension plan that serves approximately 323,000 active and retired teachers in the province of Ontario, with a net worth of $ 189.5 billion as of December 31, 2017.
" 39; Ontario are committed to exploring technologies and innovations that could enhance our ability to serve our members, "said Audrey Gaspar, CEO of the Ontario Teachers. "We are delighted to partner with Bank of Montreal in this pilot blockchain initiative."
Image Credit: Cut For Good Photo / Shutterstock.com
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