Another 22 major banks joined the SWIFT blocking project

Another 22 large world banks joined the SWIFT interbank messaging network project to test blocking technology, reports IBTimes.

The tests will help to analyze the effectiveness of the use of blocking technology for conducting operations on international correspondent accounts in real time.

ABN Amro, Absa, BBVA, Banco Santander, China Construction Bank, China Minsheng Banking, Commerzbank, Deutsche Bank, Erste Group Bank, FirstRand Bank, Intesa Sanpaolo, JPMorgan Chase, Lloyds Bank, Mashreq bank, Nedbank, Rabobank, Société Générale, Standard Bank of South Africa, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, UniCredit and Westpac.

This project is part of a larger SWIFT Global Payments Innovation (GPI) initiative, which is aimed at transforming the correspondent banking system against the backdrop of the rapid development of financial technologies.

Within its framework, financial institutions will develop and test an application based on Hyperledger Fabric technology.

The SWIFT GPI initiative was launched in February 2017, and by April more than 100 financial institutions have joined it, which through SWIFT system account for 75% of all global cross-border payments. Earlier, the project participants were Australia and New Zealand Banking Group, BNP Paribas, Wells Fargo, BNY Mellon, DBS Bank, RBC Royal Bank.