Global Banks Are Testing SWIFT`s Cross-Border Payments

Global Banks Are Testing SWIFT`s Cross-Border Payments

Several banks have joined SWIFT`s ongoing blockchain proof-of-concept (PoC) in an attempt to test cross-border payments.SWIFT, the operator of the

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Several banks have joined SWIFT`s ongoing blockchain proof-of-concept (PoC) in an attempt to test cross-border payments.

SWIFT, the operator of the platform used by the global banking system, has added 22 banks to its pilot, which has been described as “the new standard fror cross-border payments”, as cryptocoinnews.com wrote in a recent article.

According to SWIFT`s announcement, the banks that have recently declared their participation in the PoC include ABN AMRO Bank, ABSA Bank, BBVA, Banco Santander, China Construction Bank, China Minsheng Banking, Commerzbank, Deutsche Bank and 14 other global banks.

These banks will reportedly test and validate the PoC`s blockchain application.

“Collaboration is the cornerstone of innovation.”, as Wim Raymaekers, Head of Banking Markets and SWIFT gpi at SWIFT, said.

“This new group of banks allows us to greatly extend the scope of multi-lateral testing of the blockchain application and thus add considerable weight to the findings. We warmly welcome the new banks and look forward to their insights.”, as he added.

SWIFT is using the Hyperledger Fabric, a service coming from the open-source Linux Foundation-led Hyperledger initiative. The product will be the core technology used for the trial, as cryptocoinnews.com wrote at the time. The test is trying to enable banks to reconcile with their international nosto accounts in real-time.

Nostro accounts enable banks to deposit money in designed nosto accounts around the world. In this way, international money transfers can be facilitated. The receipents` dstination accounts receive deposits from geographically close nosto accounts.

The PoC blockchain will be tested during this year`s summer and results will probably be published in September before the presentation at the upcoming yearly Sibos conference in Toronto, as cryptocoinnews.com explained.

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