SWIFT Hyperledger-Backed Blockchain Project Nets 22 More Banks

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The international payments settlement network SWIFT has added a further 22 banks to its international Blockchain project.

The Proof-of-Concept scheme, part of the cross-border transfer scheme SWIFT gpi, is currently in development and testing, the new partner banks set to contribute to the latter.

The latest signups include Commerzbank, Societe Generale and JPMorgan Chase Bank, International Business Times reports.

“The potential business benefits ensuing from the PoC are clear,” Damien Vanderveken, head of R&D, SWIFTLab and UX at SWIFT, told the publication Thursday.

“If banks could manage their Nostro account liquidity in real time, it would allow them to accurately gauge how much money is required in each account at any given point, ultimately enabling them to free up significant funds for other investments.”

The Blockchain PoC uses Hyperledger technology as its basis, Vanderveken commented at the launch in April that the banking collaboration would help solve “concrete business challenges” using so-called distributed ledger technology (DLT).

“We remain very optimistic for the future of secure and scalable DLT technologies and their ability to drive value for both banks and their customers,” founding member institution  Australia and New Zealand Banking Group added about the permissioned Blockchain.

The test phase is due to conclude in October.

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