IBS Journal May 2017
19
Transaction banks kick off blockchain PoC with SWIFT gpi
developing a proof of concept (PoC) application that will test whether distributed ledger technology can be used by FIs to improve the reconciliation of their nostro accounts in real-time, optimising their global liquidity.
S
Australia and New Zealand Banking Group, BNP Paribas, BNY Mellon, DBS Bank, RBC Royal Bank and Wells Fargo are among those participating in the PoC. An additional 20 banks will join the programme at a later stage to further validate and test the DLT concept. The results of the PoC will be presented at Sibos in Toronto during October.
“The nostro DLT proof of concept is deeply embedded in the SWIFT gpi story of streamlining the cross-border payments system,” says Wim Raymaekers, Head of Banking Markets and SWIFT gpi at SWIFT. “It allows us to explore how this maturing technology can provide a collaborative solution to what our gpi member banks have identified as a significant pain point – nostro accounts reconciliation.”
WIFT and a group of transaction banks are
SWIFT is leveraging the recently released Hyperledger Fabric v1 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 PoC application will use a private permissioned blockchain in a closed user group environment. The data stored on the ledger and the APIs used to query and update it will also be designed to support ISO 20022 message formats.
Scott Thompson
Cash sticks around as digital alternatives catch on
shop that only accepted cashless payments, although this way of thinking is more popular in emerging economies than rich countries. That’s according to ING research, which also finds that notes and coins are set to stick around for some time.
O
The fifth ING International Survey Mobile Banking 2017 – Cashless Society finds that 21% of Europeans rarely carry cash anymore. Of the 15 countries surveyed, Germans carry the most and French and Americans the least. “The days of rushing to the ATM so you have enough money for the weekend are long gone,” says ING senior economist Ian Bright. “Card and even mobile phone payments are increasingly being seen as safe substitutes.”
ne in three Europeans would rather visit a
Cash is still the dominant way to pay for smaller transactions, however. Almost 90% of respondents usually use it for amounts up to Euro 10. And around three quarters said they would never go completely cashless.
Scott Thompson
www.ibsintelligence.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
