Daily Management Review

Barclays and CLS Group aim to replace SWIFT with blockchain


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

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