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 Sep 11, 2021 at 1:30 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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 has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


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.