22 more banks join SWIFT blockchain PoC

22 more banks join the SWIFT blockchain proof of concept (PoC). SWIFT has designed the PoC to validate whether the technology can help banks reconcile their international nostro accounts in real time. The PoC is part of SWIFT’s ‘gpi’ (global payments innovation) service, the new standard for cross-border payments.

According to Wim Raymaekers, Head of Banking Markets and SWIFT gpi at SWIFT: “Collaboration is the cornerstone of innovation. This new group of banks allows us to greatly extend the scope of multi-lateral testing of the blockchain application and thus add considerable weight to the findings. We warmly welcome the new banks and look forward to their insights.”