Wells Fargo, ANZ and Swift have completed a prototype that envisions how blockchain play a role in correspondent banking.
The three firms outlined the major prongs of new technology they developed in a recent blog post, outlining the development of what they described as a platform that could come to "improve the efficiency and speed of cross-border correspondent banking payment reconciliation and settlement".
The prototype allows two banks to reconcile payments sent via Swift with one another, using a distributed ledger to offer a real-time transaction log.
Judd Holroyde, Wells Fargo's head of global product manager, said in a statement:
As an industry, correspondent banks have weighed the topic of blockchain in the past. BAFT, its primary trade organization, has gone as far as hosting events on the subject and establishing an in-house educational initiative aimed at providing timely information about blockchain tech to its membership.
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