Westpac part of 22 banks joining Swift blockchain test
(7 July 2017 – Global) Westpac has followed ANZ to become the second Australian lender signing on to join a proof-of-concept by payment messaging service Swift that aims to test blockchain for facilitating cross-border payments.
In total, 28 banks will take part in the POC, with 21 other banks also announced today, adding to the six foundation participants.
Swift’s POC aims to prove whether or not banks can reconcile their international nostro accounts in real-time using blockchain technology.
“Currently, banks cannot monitor their account positions in real time due to lack of intraday reporting coverage,” Swift said in a statement.
“As such, the PoC recognises the need for banks to receive real-time liquidity data in order to manage funds throughout the business day,” the firm added.
Westpac’s General Manager, Global Transaction Services Di Challenor said, “This holds great promise for transformation across the entire international payments value chain.”
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