Swift Targets Interbank Balances with Expanded Blockchain Pilot
Swift expands participants in project to examine blockchain's potential for making interbank payments more transparent
The proof-of-concept (PoC) aims to test if blockchain provides real-time visibility into banks’ international accounts held with each other, enabling participants to increase operational efficiencies and optimize liquidity using information around payments, says Wim Raymaeker, head of banking, markets and the global payments innovation (GPI) initiative at Swift.
The PoC allows banks and Swift to track payments and real-time debits and credits on nostro accounts. Nostro refers to foreign
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