SWIFT’s Cross-Border Payments Blockchain : 22 Global Banks Will Test

SWIFT, the operator of the platform used by the global banking system, has added 22 new banks to its ongoing blockchain proof-of-concept (PoC), deemed by SWIFT as ‘the new standard for cross-border payments.’

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In an announcement today, SWIFT has confirmed the addition of 22 additional global banks to the PoC blockchain endeavor founded by six initial banks in April this year. As CCN reported at the time, SWIFT chose the Hyperledger Fabric, a product of the open-source Linux Foundation-led Hyperledger initiative, for the core technology of the trial. The aim of the blockchain trial is to enable banks to reconcile with their international nostro accounts in real-time.

Nostro accounts are critical to the global banking system, enabling banks to deposit money in designated nostro accounts around the world. These accounts facilitate international money transfers with recipients’ destination accounts receiving deposits from geographically-nearby nostro accounts.

Damien Vanderveken, head of R&D of SWIFTLab and user experience at SWIFT, explained the benefits of powering the world’s interbanking and financial messaging system with blockchain technology, stating:

https://www.cryptocoinsnews.com/22-global-banks-will-test-swifts-cross-border-payments-blockchain/