News

SWIFT and Accenture issue position paper outlining the path to Distributed Ledger Technology adoption within financial services

22/04/2016

SWIFT, in collaboration with Accenture, has issued a paper investigating how Distributed Ledger Technologies (DLTs) could be used in financial services. The paper is based on an in-depth technology assessment by SWIFT of DLT usage across financial institutions, highlighting the opportunities as well as the challenges for industry-wide adoption. 

As a result of the technology assessment, SWIFT and Accenture identified gaps between existing DLT solutions and industry requirements, including eight critical factors that need to be addressed for the technology to achieve industry-wide adoption. The paper also highlights SWIFT's research and development plans to build technical, operational and business capabilities with a view to evolve its platform such that DLT-based services could be offered, when the technology matures and business use cases emerge across multiple verticals.

Based on the assessment, the eight critical factors that need to be addressed for industry-wide adoption of DLTs include:

  • Strong governance
  • Data controls
  • Compliance with regulatory requirements
  • Standardisation
  • Identity framework
  • Security and cyber defence
  • Reliability
  • Scalability
The paper can be downloaded here SWIFT Position Paper (DLTs).pdf    


Back to recent news

Recent News

26/11/2024

The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...more

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

Latest Question

We, as the issuing bank, requested the below document, under field 46A. “Insurance policy/certificate for 10.00 percent above CIF value payable to the order of Sampath bank PLC, covering institute cargo clauses (a), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage.” Insurance certificate is presented containing below wording on the face side of the document. “The settlement of loss and damage will be effected, unless otherwise provided, through the intermediary of Marsh SA/NV to whom all documents are to be forwarded for this purpose, and will collect the indemnity under deduction of a commission of one percent” Also, it indicates the LC conditions as a mirror image as follows under the heading of "letter of credit conditions" whereas insurance conditions are incorporated separately in the certificate: "covering institute cargo clauses (A), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage" Having considered the above clauses, we have quoted below discrepancies. 1) Insurance policy indicates a deductible of 1 pct instead of irrespective of percentage. 2) Insurance not marked premium paid Beneficiary’s bank disagrees with our discrepancy and raised below argument: “Insurance policy/certificate does not indicate a deductible of 1 pct irrespective of percentage on the face of the document and banks will not examine terms and condition in insurance document as per ISBP paragraph K22 and marked as premium paid under the LC conditions. Considering above, may we have your opinion on the discrepancy quoted by us and the counter argument raised by the beneficiary’s bank.