The parties will assess the potential application of blockchain in interbank settlement platforms

The parties will assess the potential application of blockchain in interbank settlement platforms

Sberbank and Swift have signed a memorandum of co-operation regarding the development and piloting of products created and promoted by Swift.

With fintech hugs sweeping Sibos and the planet, the parties agreed to co-ordinate steps to assess the potential application of blockchain in interbank settlement platforms.

In particular, Sberbank joined the international group of financial institutions testing the prototype of Swift’s distributed ledger technology (DLT) platform, which has been developed as part of Swift’s gpi (global payments innovation) initiative. This platform uses the blockchain-based distributed register to verify payment information in real time.

In addition, Sberbank says it plans to assess the potential of using the Swift AMH (alliance messaging hub) system as a technological solution to help with the “centralisation and optimisation” of processing Sberbank’s internal and external payment flows and other financial transactions.

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