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Toyota Financial Services has joined blockchain consortium R3, the first automotive financial services provider to do so.

Toyota FS is joining the ranks of more than 50 financial institutions that have set up to back New York-based R3. The consortium recently unveiled its shared ledger platform Corda, designed to record, manage and synchronise financial agreements between companies.

“Toyota Financial Services is excited to join the R3CEV consortium to advance the use of distributed ledger technology in finance,” says Chris Ballinger, CEO and Global Chief Officer for Strategic Innovation at Toyota FS. “We believe this technology will ultimately lower costs, increase efficiency and make auto finance more transparent for our customers.

“Beyond finance, we believe additional applications of the technology in auto manufacturing and sales will benefit our customers by making mobility more affordable and available. TFS welcomes the opportunity to contribute to the development and advancement of the R3 ecosystem.”

Toyota FS will be joining the other 50 firms involved in R3 in work at the consortium’s Lab and Research centre, where new pilot and prototype solutions are tested.

By Alex Hamilton

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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