SWIFT wants banks for blockchain tests

An official announcement will be made shortly regarding the program, according to SWIFT’s head of sales for North America. The company believes that following the release of its criteria guidelines, as many as 100 banks will join the project.

Recruits will include banks with strong liquidity practices for its proof of concept (PoC), which aims to replace the old nostro and vostro account system of settling cross border payments.

As a result, by eliminating the dormant foreign exchange reserves held on the books of other banks, participants in the PoC will see a higher rate of return to shareholders since they are able to put the nostro/vostro capital into interest-earning assets, according to CoinDesk.