Blockchain Simplifies International Money Transfers

imageAn 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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Technorati Tags: SOA Community,Oracle SOA,Oracle BPM,OPN,Jürgen Kress

About Jürgen Kress
As a middleware expert Jürgen works at Oracle EMEA Alliances and Channels, responsible for Oracle’s EMEA Fusion Middleware partner business. He is the founder of the Oracle SOA & BPM and the WebLogic Partner Communities and the global Oracle Partner Advisory Councils. With more than 5000 members from all over the world the Middleware Partner Community is the most successful and active community at Oracle. Jürgen manages the community with monthly newsletters, webcasts and conferences. He hosts his annual Fusion Middleware Partner Community Forums and the Fusion Middleware Summer Camps, where more than 200 partners get product updates, roadmap insights and hands-on trainings. Supplemented by many web 2.0 tools like twitter, discussion forums, online communities, blogs and wikis. For the SOA & Cloud Symposium by Thomas Erl, Jürgen is a member of the steering board. He is also a frequent speaker at conferences like the SOA & BPM Integration Days, JAX, UKOUG, OUGN, or OOP.

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