Swift Mulls Lessons from Blockchain Nostro Pilot

One-size-fits-all approach inappropriate, and interoperability is key, blockchain trial report finds.

toronto
Swift released the interim report on its blockchain proof-of-concept during its annual Sibos event, held in Toronto on October 16.

The Swift-run proof-of-concept blockchain project was built using Hyperledger Fabric’s 0.6 release and was designed to solve problems with nostro accounts—foreign exchange (FX) accounts that banks hold with their counterparties—which are used to settle transactions but often aren’t reconciled or visible in real time. 

The project originally involved six banks, which completed their testing earlier this year, although that number has since swelled to more than 30 participants that are still

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