Cross-border payments over a virtual centralised ledger – Future or utopia?
Whilst the traditional multi-bank correspondent banking model underpins global commerce today, it may not stand the test of time. Substitute models, the most evident being distributed ledger, continue to be explored but other alternatives are also attracting interest. One of these could be a centralised cloud-based model whereby banks can leverage APIs and a central cloud utility to update and track a cross-border transaction throughout its complete lifecycle. In this session we debate the merits of all the alternatives, explore how such a centralised system could run and which technology could be applied or even created to unlock its full potential.