SWIFT: the DLT Bank Pilot is successfully complete

The interbank platform of exchange of messages of SWIFT has published final results of the long-term project based on blockchain technology and the proof of the concept. The research SWIFT conducted on the basis of Hyperledger Fabric has concentrated the main attention on use of accounts nostro.

Nostro are bank correspondent accounts, that is accounts of this credit institution at correspondent banks. This multiple bank transfer was made by means of record on a blockchain, and, in particular, the question of how the system of the proof of the concept can meet the requirements concerning management, safety and confidentiality of the data connected with coordination process nostro has been carefully studied.

"The sandbox of DLT has allowed us to control access, to define and provide respect for the rights of users, to physically divide confidential data and to carry out their storage by the relevant parties, supporting at the same time strong system of identification, connecting all participants with their BIC and providing all keys signed by the certified center SWIFT".

"We can make a set of things which we couldn't make earlier now", – he has told later in CoinDesk interview. "We didn't manage to achieve something now, but it is only a matter of time before these difficulties are corrected, and we can tell already now that we are absolutely happy".

According to Vanderveken, from the point of view of technology, "progress in comparison with last year was huge and fantastic". In the report of SWIFT it is in detail described that the test has revealed need of work of scaling at the front, considering that at the commercial level the considered system has to have an opportunity to process much more channels, than has shown a research.

"If you have so many channels, it becomes more difficult to do several things at once", – Vandereken has explained.

Nevertheless, the test has shown that banks can carry out transactions in real time, according to requirements of the reporting.

"It has allowed to update the status of transaction in real time, full control routes, visibility of the expected and available balances, identification of incomplete records and potential related problems and generation of the data necessary for support of the standard reporting", – the employee has told