The London-based fintech Cobalt announced the expanding of its bank investors list with financial services company Standard Chartered as the latest addition. Standard Chartered became a client on Cobalt’s platform in February and now joins Citi as an investor in Cobalt’s expanding network.
Cobalt will be able to cut operational costs and reduce credit, settlement and operational risk by creating a single version of a trade and checking credit in real-time.
Right now, credit is over-allocated in the market and poses a significant systemic risk and the Cobalt solution allows for dynamic credit allocation across clients and counterparties to allow full compliance with the FX Global Code.
Cobalt brings new technology into post-trade and with it, high availability, throughput platform which enables full automation of the trade lifecycle, without the need for additional downstream reconciliation.
This technology can service interbank, prime, buy-side and bank-to-client relationships. With information security standards on the same level as Tier 1 bank, Cobalt allows banks to brand the technology to use for their own clients.
