SWIFT Announces Possible Implementation of the Blockchain in Its Correspondent Banking Services

News and Analysis

SWIFT, the international communications platform for international banking, announced a possible “roadmap” that might include the blockchain technology. As for now, they speak of improving the correspondent banking area. According to the statement, the organization expects the amendments to become effective as of early 2016.

“We can look at changing correspondent banking settlements and maybe having blockchain technology rather than bilateral correspondent accounts,” said Wim Raymaekers, global head of banking markets at SWIFT.

SWIFT has already carried out some experiments regarding the blockchain in its financial laboratories.

Mr. Raymaekers also stated that the blockchain might be applicable in more complex use cases like securities, especially when it comes to slashing transaction time, or even reducing the required term no null.

However, no exact information as to whether the world’s major interbank communications platform will actually implement the blockchain is available. Anyway, the news shows that the interest towards the technology continues increasing at an astonishing rate.

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