Swift creates distributed ledger proof-of-concept
Swift to launch private distributed ledger network
In a statement published on January 10, Swift announced a proof-of-concept (PoC) aimed at improving banks' "reconciliation of their nostro databases in real time" in an attempt to "optimise" global liquidity.
Current models dictate that financial institutions need to monitor their overseas accounts via debit and credit updates and end-of-day statements – a process that represents a "significant portion" of the cost of making cross-border payments, Swift claims.
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