22 Banks Join Swift's Cross-Border Blockchain Trial

Swift's months-long cross border blockchain trial is expanding with the entrance of more than twenty additional financial firms.

AccessTimeIconJul 6, 2017 at 3:20 p.m. UTC
Updated Aug 18, 2021 at 6:27 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Swift's months-long cross border blockchain trial is expanding with the entrance of more than twenty additional financial firms.

The global financial messaging provider said in a press release today it has increased the number of companies that can act as validators for the proof-of-concept.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The list of banks includes a variety of institutions that have previously pursued blockchain initiatives, either on a collective basis or within individual projects. These include ABN Amro, Absa Bank, Deutsche Bank, JPMorgan Chase, Standard Chartered and Westpac, to name a few.

    The project, as previously reported by CoinDesk, aims to evaluate how the technology can improve the reconciliation process for international nostro costs. Nostro accounts are typically used by banks to store money internationally for the purpose of settling cross-border transactions.

    "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," Wim Raymaekers, Swift's head of banking markets, said in a statement.

    As reported in April, Swift is using the Fabric blockchain implementation, developed by the Linux Foundation-backed Hyperledger project, as the technology basis for the proof-of-concept.

    Compass and money image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.