The society for worldwide interbank financial communication channels (SWIFT) has published the results of testing the decision on the basis of the distributed registry for correspondent nostro accounts. Reported by Finextra.

Testing DLT solutions based on the platform Hyperledger Fabric v1.0 was attended by 34 of the Bank. The results of these experiments the researchers came to the conclusion that the blockchain technology can be effectively used for the reconciliation of international nostro accounts in real time. At the same time, participants SWIFT believe that it is too early to apply new solutions across the interbank network.

“A proof of concept (PoC) was implemented very well and confirmed that with the help of technology distributed Fabric registry and Hyperledger is possible to achieve significant progress, — said the head of the division for the development of distributed systems research laboratory, SWIFT Damien Vanderveken. — DLT-sandbox gave us the opportunity to control access, determine and ensure the rights of users to control sensitive data, giving them only to certain participants and to provide reliable identification system”.

Also according to him, the technology of distributed registry will allow you to better manage Bank liquidity and a more effective reconciliation of nostro accounts. However, for widespread implementation of the blockchain in the banking sector requires careful preparation of appropriate infrastructure, which will have to meet the many different requirements. Thus, the process of transition of banks on the blockchain may not be the fastest.

For testing blockchain solutions was established 528 of channels connecting the nostro accounts 34 banks. According to the developers, the difficulty lies in the fact that for the full integration of the new system in the Bank, you need opening and further support of over 100 thousands of such channels. At the same time, SWIFT has promised to continue the search for the most effective integration of DLT solutions in the banking industry.

This project is part of a larger initiative of SWIFT Global Payments Innovation (GPI), which was launched in February 2017 and is aimed at transformation of the system of correspondent relations between banks.

Recall that SWIFT has completed work on a prototype blockchain solutions for managing nostro accounts in real time in August of last year.