You are here

SWIFT Information Paper 2016

"Distributed Ledger Technology (DLT) and Smart Contracts (SC) promise to transform automation in the financial industry, and are generating huge interest amongst financial institutions and technology providers."

"For the reasons mentioned in the introduction to this paper, full-scale standardisation of DLT/SC use-cases is probably premature. However, even without a formal methodology, there is clear value today in re-using reference data standards and business content from messaging standards, most obviously ISO 20022 which has the widest industry coverage and an adaptable technical architecture.

The benefits are twofold:

  • Avoiding ‘re-inventing the wheel’ in terms of business definitions;
  • Facilitating interoperability amongst DLT implementations and with existing financial industry infrastructure including electronic messaging.

These are ‘quick wins’ that can accelerate the implementationand acceptance of DLT/SC technology for industrial solutions"

Distributed Ledgers, Smart Contracts, Business Standards and ISO 20022.pdf

Analysis by coindesk: http://www.coindesk.com/what-disruption-swift-welcomes-potential-of-bloc...

Tags: