SWIFT has announced a further 22 global banks have joined its blockchain proof of concept (PoC), designed to verify whether the technology is able to help banks reconcile international accounts in real time. At the moment reconciliations can take up to 48 hours.
The banks will test and approve the application that was developed by SWIFT and the group of six founding banks. The institutions will work independently of the founding banks to further test and evaluate how the technology scales and performs.
Currently, banks are unable to monitor their account positions in real time due to lack of intraday reporting. The project aims to help banks overcome challenges in monitoring and managing their international accounts using the revolutionary backdrop of the blockchain.
Managing international accounts in real time allows banks to accurately monitor and distribute funds as needed.
SWIFT is using Hyperledger Fabric v1.0 technology to ensure privacy. The PoC blockchain application will undergo testing with the results expected to be published in September and presented at Sibos in Toronto in October.