Blockchain Simplifies International Money Transfers

An emerging solution’s promise and potential for fintech By Vivek Alwayn

Anyone who has transferred money internationally between banks knows that the process often takes too long and costs too much. Now, with the advent of blockchain technology, transferring money should become simpler and faster for customers while also generating more revenue for the banks.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global cooperative that provides secure financial messaging services, is currently working on a blockchain-based global payment initiative that will provide secure, end-to-end tracking for global financial transfers.

At this point, 30 banks are live on the blockchain platform, and SWIFT plans to eventually connect more than 11,000 licensed banks, financial institutions, and corporations across more than 200 countries. SWIFT says the platform will also enable future real-time regulatory compliance reporting to central banks and law enforcement agencies worldwide.

The SWIFT platform is built on a cloud-based Hyperledger Fabric, which allows each member bank to have a cloud-based peer node that interfaces with the SWIFT central node. The central node provides transactional consensus between the two banks conducting the transfer. Read the complete article here.

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