Connect with us

Hi, what are you looking for?

News

22 global banks join SWIFT blockchain PoC

As many as 22 additional global banks have joined SWIFT’s blockchain proof of concept, designed to validate whether the technology can help banks reconcile their international nostro accounts in real time. The PoC is part of the SWIFT global payments innovation service, the new standard for cross-border payments. The banks that have recently joined the PoC include ABN Amro Bank, ABSA Bank, BBVA, Banco Santander, China Construction Bank, China Minsheng Banking, Commerzbank, Deutsche Bank, Erste Group Bank, FirstRand Bank, Intesa Sanpaolo, JPMorgan Chase Bank, Lloyds Bank, Mashreq bank, Nedbank, Rabobank, Société Générale, Standard Bank of South Africa, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, UniCredit and Westpac Banking Corporation. These banks will test and validate the PoC’s blockchain application, currently under development by SWIFT and a group of six founding banks that launched the PoC earlier in the year. Launched in January 2017, the PoC aims to help banks overcome significant challenges in monitoring and managing their international nostro accounts, which are crucial to the facilitation of cross-border payments.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.