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SWIFT paper on DLT

SWIFT has come out with a paper containing findings of an investigation on how Distributed Ledger Technologies (DLTs) could be used in financial services. The paper has been published in collaboration with Accenture based on an in-depth technology assessment by SWIFT of DLT usage across financial institutions. The assessment could identify gaps between existing DLT solutions and industry requirements, including eight critical factors that need to be addressed for the technology to achieve industry-wide adoption. The paper also highlights SWIFT’s research and development plans to build technical, operational and business capabilities with a view to evolve its platform such that DLT-based services could be offered, when the technology matures and business use cases emerge across multiple verticals. Fabian Vandenreydt, head of Securities, Innotribe, SWIFT’s innovation arm and the SWIFT Institute, said since the emergence of DLTs, the financial services industry has been looking for answers to questions about the potential use of these new technologies. The technology assessment has given valuable insights into the necessary requirements for DLTs to succeed in financial services. It provides a clear state-of-play, outlining the different factors the technology needs to address, and the current maturity of DLTs in each of these areas. SWIFT said based on the assessment, the eight critical factors that need to be addressed for industry wide adoption of DLTs are (a) strong governance, (b) data controls, (c) compliance with regulatory requirements, (d) standardization, (e) identity framework, (f) security and cyber defense (g) reliability and (h) scalability.

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