22 banks joined the SWIFT block chain concept proof project


nnnSurvival Comment: SWIFT Global Payment Innovation includes a block chain concept proof project, which has six bank institutions, and recently has 22 banks to join, with the aim of making banks ready for global technological change.n
nnTranslation: Annie_Xun
nSWIFT announced that 22 global banking institutions have joined the Chain Chain Concept Proof Program (PoC), a part of global innovation that aims to “prepare the banking system to prepare for the era of technological change.”n
nThe PoC project was launched in January 2017, with six founding banks, ANZ, BNP Paribas, BNY Mellon, RBC Royal Bank and Wells Fargo (FuGuo bank). The Finextra survey shows that the purpose of the project is to understand whether banks can use block-chain technology to improve the reconciliation of international accounts. Due to lack of intraday trading report, the current bank can not monitor the current account revenue and expenditure situation.n
nSwiss medical group Roche Financial Operations Director Martin Schlageter said:n
nn”Cross-border payment is like our black box.I do not know when to deposit funds, we do not know what will be charged, we also encountered check the problem.”n
nnSWIFT Global Payment Innovation will determine the billing time and clarify the state, thereby improving the speed of cross-border transactions and improving the customer experience. The main feature of the service is to track the database in the cloud, API access port, business rules upgrade.n
nPayments Product Management Tom Halpin, director of product management for HSBC Global Liquidity and Cash Management Payments, said:n
nn”Providing optimized payment and remittance information can help customers make better payment decisions while creating better efficiency. In the cloud deploying global payment innovation is exciting, we expect this will form a new service that will enable the combination of pay Banks, customers and businesses. “n
nnOnly regulated financial institutions that agree to the SWIFT business rules may become members, but non-bank institutions may also join. The company believes that there will be new banking institutions to join in the next few months, with the goal of running in all countries by the end of 2017.n

Leave a Reply

Your email address will not be published. Required fields are marked *