SWIFT has added 22 global banks have joined its blockchain proof of concept (PoC), designed to validate whether the technology can help banks reconcile their international nostro accounts in real time. The PoC is part of the SWIFT gpi (global payments innovation) service for cross-border payments.
The banks that have recently joined the PoC include: ABN AMRO Bank, ABSA Bank, Banco Bilbao Vizcaya Argentaria, 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, Santander, 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. Working independently of the founding banks, the 22 institutions will act as a validation group to further test the application and evaluate how the technology scales and performs.
Wim Raymaekers, head of Banking Markets and SWIFT gpi at SWIFT said: "Collaboration is the cornerstone of innovation. 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."
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. Currently, banks cannot monitor their account positions in real time due to lack of intraday reporting coverage. As such, the PoC recognises the need for banks to receive real-time liquidity data in order to manage funds throughout the...