Think this is the likely path, a group of Banks facilitated by founders "with strong convening power"
The group is looking to channel data, ideas and financial backing to a start-up called R3CEV, a New York-based group of trading and technology executives. Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA and UBS are also backing the initiative, which intends to be an industry utility to accelerate the acceptance of blockchain. Blockchain, the computer network on which bitcoin sits, has caught the imagination of the financial services industry in the past six months for its potential to overhaul the sprawling and complicated network of bank payments and settlements. It is seen as a way of instantly updating payment ledgers in multiple locations without a single, centralised authority.