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Financial software provider Calypso Technology has become the first firm to partner with R3 to develop capital markets applications on its Corda platform. The two firms are currently developing a multi-party trade confirmation solution and testing it with multiple financial institutions.

R3's Corda – which will be open-sourced globally on November 30 – is an open and inclusive smart contract platform that enables third party providers, and partners such as Calypso, to build and operate distributed ledger applications using common code and protocols to ensure interoperability, said a statement.

Calypso will be the first application partner to leverage the R3 platform, which will allow financial institutions and their technology partners to work more closely together in a safe and efficient distributed ecosystem. The platform records and manages financial agreements between counterparties, leveraging distributed ledger technology to guarantee a consistent, accurate, auditable, reportable record.

R3 and Calypso's trade confirmation solution uses distributed ledger technology to dramatically transform existing processes, substantially increasing transparency and simplifying dispute resolution. Counterparties will be able to see all trade tickets on the distributed ledger so they can be sure they are matching against the correct trade. This work will also represent the first real integration between a leading distributed ledger platform and a leading financial software vendor.

David Rutter, CEO of R3 said: "R3 is the largest collaborative consortium of its kind in financial markets, now comprising over 70 members from all corners of the industry. Calypso is the first capital markets application partner to engage with R3, which reflects the unique synergy between the two firms. We look forward to leveraging our combined expertise to address some of the major pain points facing the global financial services industry with innovative distributed ledger-based technology."

Pascal Xatart, CEO at Calypso said: "We are thrilled to be working with R3 and honored to be their first application partner. The alignment between the two firms is exceptional – our deep expertise in capital markets combined with their industry-leading distributed ledger technology will allow us to develop a range of innovative applications quickly and efficiently. Our current matching solution is only the beginning."