22 Global banks test SWIFT's cross-border payment system
SWIFT, the operator of the platform used by the global banking system, has added 22 new banks to its Blockchain Proof-Of-Concept (PoC) system, calling SWIFT "the new standard in cross-payments." Border "
In a statement dated July 6, 1977, SWIFT conrmed the addition of 22 global banks to Blockchain PoC, which was formed by the original six banks in April 2017. According to the CCN report at the time, SWIFT chose Hyperledger Fabric, a product of the open source Linux Foundation-led HyperLogger initiative, for core technology in the beta. The purpose of the Blockchain trial is to allow banks to collate Nostro international accounts in real time.
Nostro accounts are very important to the global banking system, allowing banks to deposit money into nominated Nostro accounts around the world. These accounts facilitate the transfer of international funds to the nal accounts of the recipient receiving deposits from the nearest nostro account geographically.
Damien Vanderveken, SWIFTLab's R & D lead and user experience at SWIFT, explained the benets of providing inter-bank messaging and billing with Blockchain technology , said:
"If banks can manage their nostro account liquidity in real time. Nostro will allow them to accurately assess the amount of money required in each account at any point, ultimately allowing signicant amounts of money to be released for other investments. "
Blockchain SWIFT development will evolve with the combination of the recently released Hyperledger Fabric 1.0 and the "main SWIFT assets" to restrict access to authorized partners - the bank owning the account. Nostro and the corresponding bank partner.
The 22 new members include major banks from Asia, Europe, Africa, and North America. Banks will act as a Blockchain application evaluation team developed by the six founding members of Australia and New Zealand Banking Group (ANZ), BNP Paribas, BNY Mellon, DBS Bank, RBC Royal Bank and Wells Fargo.
"This new group of banks allowed us to expand the scope of the multi-dimensional experiment of the Blockchain application and thereby signicantly increase search results, " said Wim Raymaekers, Bank Market Director and SWIFT gpi. SWIFT said.
Blockchain PoC will see experimental testing this summer while results are expected to be released in September before presenting at this year's Sibos conference in Toronto.
The full list of 22 banks that will work independently from the six founding banks are the testers and endorsers of PoC, namely: ABN AMRO Bank, ABSA Bank, BBVA, Banco Santander, China Construction Bank JPMorgan Chase, Lloyds Bank, Mashreq Bank, Nedbank, Rabobank, Société Générale, Standard Bank of South Africa, Bank of China, Bank Minsheng Banking, Commerzbank, Deutsche Bank Standard Chartered, Sumitomo Mitsui Banking, UniCredit and Westpac.
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