SWIFT is a well know global settlement communication platform owned and used by several of the world's tops banks. In January SWIFT announced it was investigating the use of Blockchain for its financial communication systems.
Recently SWIFT has been implementing a new Blockchain protocol called a "proof of concept"(PoC) into its SWIFT gpi (global payments innovation) service; the PoC system is based on the Fabric Blockchain implementation developed by the Linux Foundation-backed Hyperledger project.
The new system is hoped to be used to help operate nestro accounts more efficiently in real time; nestro accounts are a special type of bank accounts used by banks to facilitate cross border transactions. SWIFT hopes its new system will become the standards for cross border payments, and it has the power to do so since its services are already used by most banks.
SWIFT has announced that 22 new banks which were not a part of the founding members of the PoC last year will be added to take part in trails of its Blockchain powered SWIFT gpi platform. SWIFT believes the inclusion of independent banks from across different continents will allow it to validate its SWIFT gpi system in terms of scaling and feasibility.
According to Wim Raymaekers, Head of Banking Markets and SWIFT gpi at SWIFT;
“Collaboration is the cornerstone of innovation, this new group of banks allows us to greatly extend the scope of multi-lateral testing of the blockchain application and thus add considerable weight to the findings. We warmly welcome the new banks and look forward to their insights.”
The new banks to be participating in the trail 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.
The trail of the PoC powered SWIFT gpi will be in this summer and results would be published in September and presented at Sibos in Toronto in October.
Steemian talk:
- What do you think of the new Blockchain powered gpi by SWIFT?
- What do you think of the participation of the Chinese banks?
Let us know your opinion by commenting below.
Recommended posts
- MetaMask and Ethereum are absolutely amazing
- Everex pre-ICO is live! Everex to put fiat currency on the Blockchain
- Payza to support 50 crypto currencies
- 440,000 transactions/sec Blockchain by University of Sydney
- Is Wildspark the Steemit Killer? @BlockRush
- $150 million flaw? Could Bancor suffer the fate of TheDAO?
- What is the "Block Rush"?
- Must read for every Steemian: Free promotion and support group!
- Quick reminder: What is the value of Bitcoins?
- Accounting for the total amount of Bitcoins.
- Check our second post: A minute's guide to Bitcoin and Steemit.
- Crypto-currency investor read: the no-brainier guide to investing.
@BlockRush is an informational site about Bitcoins/Blockchain technologies and industries. We features news analysis of major development in the Bitcoin and Blockchain and outline their potential impact on the economy and society.
Follow@BlockRush and we will follow you back! Join our Facebook group atwww.facebook.com/groups/blockrush to promote your posts for free!
Do not forget to upvote and resteem this post if you found it helpful so other can find it. If you have any opinions about this article, please let us know by commenting below.