For more information about SWIFT gpi, please click here.



Note to the editor:

An increase in customers’ expectations and regulatory requirements related to international payments has led banks to focus on reducing transactional costs and increasing operational efficiency, whilst maintaining their competitive position. A lack of visibility and predictability on intraday in and out flows has led many banks to initiate projects to achieve real-time liquidity management. Real-time Nostro reconciliation, which requires timely matching of all movements on an account, is part of this process, providing banks with the ability to monitor intraday liquidity usage through real-time confirmation of entries on Nostro accounts, and to identify in real-time any potential issues.

About the SWIFT PoC interim report

SWIFT developed, as part of SWIFT’s gpi strategic roadmap, together with 33 leading banks around the world, a proof of concept where a distributed ledger is used to provide real-time visibility on Nostro accounts. This initiative started in January 2017 and is due to end towards the end of the year.

This interim report shares information on the proof of concept, its business and technical objectives, the DLT solution developed by SWIFT through a collaborative approach and the testing strategy. It also provides a summary of conclusions both at business and technology levels from the testing conducted so far by the 6 banks forming the founding group.

The validation group with 27 participating banks have just started their work to further test the application and the data model. This report will be updated following completion of their testing with the consolidated feedback from the two groups and to draw the final conclusions.

About SWIFT

SWIFT is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.

Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While SWIFT does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.

As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.

Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.

For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT.

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Chatsworth Communications

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swift@chatsworthcommunications.com