SWIFT Tests Determine Blockchain Can Improve Real-Time Nostro Reconciliation

[kreslik.news]

The network handling the majority of modern international interbank messages, SWIFT (Society for Worldwide Interbank Financial Telecommunication), has published an interim report its proof of concept (PoC) for real-time Nostro reconciliation using blockchain or distributed ledger technology (DLT). The sandbox tests were done in collaboration with 33 global transaction banks.

Preliminary results show that the application can deliver the business functionalities and data richness required to support real-time liquidity monitoring and reconciliation. DLT provides real-time visibility to both the account owner and its servicer on the available and forecasted liquidity on the Nostro account and supports payment reconciliation and investigations by ... (read more)