RCI Bank and Services has joined R3 LRC, a consortium specialised in research and development on the blockchain. Made up of about 60 of the world's leading financial institutions, the R3 consortium’s mission is to explore potential uses of this technology in the realm of banking and finance.
Blockchain technology, which can be likened to a ledger that is unfalsifiable and secure, is seen as a way to simplify banking infrastructure and other use cases for the benefit of the customer. It also has the potential to reinforce the security and integrity of systems while reducing processing and transaction costs, thus further benefiting banks and their customers alike.
Through its participation in the consortium, RCI Bank and Services will actively contribute to the research, testing, design and production of new technologies for international financial exchanges and to the development of common standards and norms for banking activities.
This initiative is part of the transformation plan of RCI Bank and Services, which is putting digital technology and innovation at the core of its strategy to improve the experience of its clients, both private individuals and professionals, in France and around the world.
Gianluca De Ficchy, Chief Executive Officer of RCI Banque, declares: "Through this partnership, RCI Bank and Services is taking up the new global challenge in the banking sector. We are proud to join with Consortium R3 and its members in exploring the blockchain’s potential benefits for our industry. As a bank specialised in finance and services in the automotive sector, we have a duty to contribute today to the search for solutions to improve our customers' experience and simplify our operations."
David Rutter, Chief Executive Officer of the R3 consortium, says: "We are delighted to welcome RCI Bank and Services into our global network of financial institutions. Blockchain technology has the power to significantly transform the banking industry and global finance. We are very pleased with the diversity of our members, who are participating actively in the development and testing of new applications in the banking sector on a global scale."
About RCI Banque SA
Created and wholly owned by groupe Renault, RCI Banque is a French bank specializing in automotive financing and services for groupe Renault customers and dealer networks (Renault, Renault Samsung Motors and Dacia) throughout the world and the Nissan group (Nissan, Infiniti and Datsun) mainly in Europe, Russia and South America. With over 3,000 employees in 36 countries, RCI Bank and Services financed over 1.3 million contracts (new and used vehicles) in 2015 and sold more than 2.9 million services. Average loans outstanding stood at €28.6 billion of funding at end-June 2016 and earnings before tax at €844 million at end-December 2015 and €431 million at end-June 2016. Since 2012 RCI Bank and Services has rolled out a deposits collection business in four countries. At end-June 2016, net deposits collected stood at €11.8 billion, or 34% of the company’s outstandings. Find out more about RCI Banque at www.rcibs.com.
R3 is leading a consortium with over 50 of the world’s largest financial institutions to develop ground-breaking commercial applications for the financial services industry that leverage the appropriate elements of distributed and shared ledger technology. Operating in New York, London and San Francisco, the R3 team is made up of financial industry veterans, technologists, and new tech entrepreneurs, bringing together expertise from electronic financial markets, cryptography and digital currencies. The R3 Lab and Research Centre has quickly become a centre of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies, and is where R3 works with its partners to define, design and deliver the next generation of financial infrastructure.