UK’s Financial Conduct Authority (FCA), RBS, and an unnamed major global bank have joined forces with blockchain consortium R3 to develop a prototype application for mortgage transactions regulatory reporting.

The application, built on R3’s Corda distributed ledger technology (DLT) platform, has the ability to create automated delivery receipts as mortgage transactions are carried out.

The parties expect the application to significantly lower the cost of the process.

Commenting on the alliance, R3 CEO David Rutter said: “Our members are some of the most heavily regulated institutions in the world, and so streamlining and improving regulatory reporting has been a key consideration as we develop Corda.

The parties now intend to pilot the application, and said that the process might include collaboration with other British mortgage lenders, academic community and regulators.

“This project has shown that DLT, and specifically the Corda platform, can give the regulator a new tool capable of overseeing mortgage activity much more quickly and efficiently than before whilst greatly reducing data inconsistencies.

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“This also streamlines our business, enabling us to simplify our processes and deliver better experiences for our customers.”