Blockchain and correspondent banking – The way to go?
Cited as a key source of disruption and innovation during Sibos 2015’s big issue debate on risk, the past 12 months have seen interest in blockchain-based innovations reach new levels. Speculation has grown over the potential for core services – including correspondent banking – to be simplified, enhanced and accelerated by use of distributed ledger technologies. While some see correspondent banking as ripe for the cost savings, simplicity and transparent data-sharing that blockchain promises, especially at a time of growing regulatory and competitive pressure, others baulk at the many barriers to adoption. This panel bring together experts in correspondent banking and blockchain to debate the opportunities and challenges for practical application of blockchain to the correspondent banking value chain.