The R3 Consortium is a collection of several dozen financial institutions all over the world looking to explore blockchain technology. But the group continues to expand, and Toyota Financial Services is their latest member. Merging distributed ledgers with automotive financial services will be quite an interesting experiment.
R3 Welcomes Toyota Financial Services
Toyota Financial Services is not your average bank, as the company focuses on automotive financial services. They are also the first player in that particular industry to join the R3 consortium. Leveraging the possibilities of distributed ledger technology is the primary objective of this new partnership.
Chris Ballinger, CFO, and GCO Strategic Innovation told the media:
“Toyota Financial Services is excited to join the R3CEV consortium to advance the use of distributed ledger technology in finance. 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.”
It is interesting to see the R3 consortium refer to Toyota Financial Services as a non-bank