Daily Management Review

Barclays and CLS Group aim to replace SWIFT with blockchain


09/26/2017


Barclays has become one of the largest financial institutions that joined the blockchain consortium, founded by the payment operator CLS Group, to jointly develop a system of fast and secure transfers of foreign currency, reports CoinDesk.



Gideon Benari
Gideon Benari
The London bank, together with other members of the group, including JPMorgan Chase, Goldman Sachs and the Bank of China, will develop a system for rapid and secure implementation of international transfers. The consortium plans to use Hyperledger Fabric blockchain system to create payment channels through which foreign currencies will be exchanged.

It is expected that in the first versions the CLS Net platform will allow participants to trade in world currencies with the help of six different tools. Technical director of the investment division of Barclays Lee Brain said that the new solution will create an alternative to SWIFT-transfers and can be used in parallel with them.

Barclays is also negotiating with the UK Financial Supervision Authority (FCA) and local fintech companies to improve safety of Bitcoin, as well as to introduce the crypto currency into the banking system, CNBC reports.

The central bank of Germany adheres to a different opinion about the blockchain technology. The organization published a study of the technology, which examined possibilities of its use in various spheres and sectors of the financial market.

At this stage, experts of the Bundesbank do not see great prospects for broad introduction of blockchain into the sphere of individual and retail payments, representatives of the German central bank explained. Despite some skepticism, Bundesbank experts are still confident that the blockchain technology has potentially wide prospects for use, in cases where users need to make payment through several intermediaries.

source: cnbc.com, coindesk.com






Science & Technology

With China Set To Dominate, 1 Billion Could Be Using 5G By 2023

Deutsche Telekom unveils next gen 5G mobile antennas in Europe

Diamonds are now the new gold

Expert Body Says Driving In A Driverless Car In An Inebriated Condition Or On Drugs Should Be Legalized

SEC’s EDGAR database vulnerable to cyber threats

Research Says The Risk Of Severe Turbulence On Planes Will Increase Due To Climate Change

Barclays and CLS Group aim to replace SWIFT with blockchain

Designing Of Cars Being Done With Hologram Goggles At Ford

The Already Surging Cyber Attacks Are Set To Rise Even Further, Says A Study

Chinese to equip smartphones with OLED displays

World Politics

World & Politics

Scholar Says Political Appointees Not As Important As Financial Ones In China For The Economy

An Expected Change In Brussels Could Be Crucial For The Euro Zone

Destroying People Who Wouldn't Help One Of His Bankrupt Businesses Was All Trump Talked About When He Met Him In 1990s: Branson

Russia Is Worried About America’s Unpredictability

No oil contracts with Iraqi Kurdistan: Iraq’s oil ministry

Donald Trump lost $ 600 million during his presidency

Britain puts its weight behind Europe in the battle between Boeing and Bombardier

EU hopes to keep the Iran nuclear deal afloat