Barclays joined the CLS block chain alliance

nnThe cash settlement company CLS Group created a foreign exchange chain chain alliance, with “CLS Net” platform to provide global currency transactions in six different block chain. The platform will be parallel to existing Swift solutions, and customers can choose to use it. Barclays, as a financial institution that recently joined the alliance, hopes to be able to progressively integrate technology and make “harmony” with innovation and Swift Forex services.n
nTranslation: Annie_Xun
Barclays is a financial institution that recently joined the cash settlement company CLS Group to create a Forex trading chain chain alliance.n
The London-based bank will work with other members of the consortium, including JPMorgan Chase and Goldman Sachs, to bring new levels of efficiency and security to the foreign exchange settlement industry. The CLS Alliance, which was first announced last year, uses the Hyperledger fabric chain to create new foreign exchange channels.n
Last year, at the Swift Annual Sibos Conference, the Alliance Block Chain Platform was designed to provide new forms of trading for 140 global currency transactions by buyers and sellers, which are currently out of the CLS settlement service.n
Lee Braine, of CTO’s office at Barclays Investment Bank, said the agency’s interest in the project was partly due to the fact that the CLS platform would be parallel to existing Swift solutions, at least for the time being, rather than forcing customers to use it.n
n”People can connect through the Swift or new distributed account technology connection mechanism, so you have a choice.”n
nThe CLS Net platform is expected to allow participants to use six different block-chain products for global currency transactions.n
This network service provides a new line of business for CLS, the traditional approach is to use the internal and 18 currency real-time net settlement system connected to the payment settlement system.n
CLS representatives confirmed that the block chain function expansion “is progressing smoothly.”n
Block chain evolutionn
With regard to the reasons for attracting Barclays to join the CLS alliance, Braine points to the need to “coexist” with Swift Forex Services.n
Braine did not mention the chain of “big bang” implementations (all affiliations transition to block-based systems), he described a hierarchical integration system that could benefit the federation.n
He divides the “progressive roadmap” into 10 layers, and the lowest-level block-chain application only needs to embed the existing technology into the third-party block chain vendor. While the highest level is that the transaction is entirely dependent on the distributed books, there is no centralized backup system.n
Braine wants Barclays to learn how relevant knowledge in the real world can provide references to other block-chain projects.n
n”We guess the different use cases of banks will be at different levels of integration, but still can participate.”n

Leave a Reply

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