Given the troubles that Wells Fargo is in with the regulators, any positive news is welcome.
The article talks about the blockchain prototype being used to reconcile SWIFT payments. That seems to be a very narrow use. Bitcoin and blockchain have the potential to make SWIFT redundant.
Topic: Wells Fargo Develops Blockchain Banking Prototype (Read 303 times)
Wells Fargo, ANZ and Swift have completed a prototype that envisions how blockchain play a role in correspondent banking.
The three firms outlined the major prongs of new technology they developed in a recent blog post, outlining the development of what they described as a platform that could come to "improve the efficiency and speed of cross-border correspondent banking payment reconciliation and settlement".
The prototype allows two banks to reconcile payments sent via Swift with one another, using a distributed ledger to offer a real-time transaction log.
http://www.coindesk.com/wells-fargo-anz-blockchain-prototype-banking/
The three firms outlined the major prongs of new technology they developed in a recent blog post, outlining the development of what they described as a platform that could come to "improve the efficiency and speed of cross-border correspondent banking payment reconciliation and settlement".
The prototype allows two banks to reconcile payments sent via Swift with one another, using a distributed ledger to offer a real-time transaction log.
http://www.coindesk.com/wells-fargo-anz-blockchain-prototype-banking/
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