The PoC was designed to validate whether the technology can help banks reconcile their international nostro accounts in real time and is part of the SWIFT gpi (global payments innovation) service, the new standard for cross-border payments.
In developing the PoC, the company is leveraging the recently released Hyperledger Fabric v1.0 technology, and combining it with key SWIFT assets, to ensure that all the information related to nostro/vostro accounts is kept private and seen only by the account owner and its correspondent banking partner.
The banks that have recently joined the PoC include: ABN AMRO Bank, ABSA Bank, BBVA, Banco Santander, 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, 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 2017. 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.
The PoC blockchain application will undergo testing over the summer months, with the results scheduled to be published in September 2017 and presented at Sibos in Toronto in October 2017.
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