Swift's Cross-Border Blockchain Trial Is Moving Into Its Next Phase

Swift is one step closer to adopting blockchain.

After months of work, a team of developers at the inter-bank payments platform have completed a proof-of-concept built with the Hyperledger Fabric blockchain. Designed to test whether moving member bank accounts to a distributed ledger could help Swift reconcile in real time, the project is now ready for its next phase.

According to Damien Vanderveken, head of Swift's distributed ledger technology R&D effort, Australia and New Zealand Banking Group, BNP Paribas, BNY Mellon, DBS Bank, RBC Royal Bank and Wells Fargo have now been given access to the platform for further testing.

If successful, Swift believes the tests could free up billions of dollars in dormant funds in banks' nostro accounts, which are set up all over the world to hold various currencies just in case they're needed for transactions. By moving the funds to a shared ledger, the test is seeking to confirm whether that practice can be eliminated, freeing up the capital to be invested in other ventures.

Full story at http://bit.ly/2wINJbI

Source: CoinDesk

 

 

 

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