SWIFT has announced the availability of a new paper investigating how Distributed Ledger Technologies (DLTs) could be used in financial services.

 Published in collaboration with Accenture, 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.

“Since the emergence of DLTs, the financial services industry has been looking for answers to questions about the potential use of these new technologies,” says Fabian Vandenreydt, Head of Securities, Innotribe and the SWIFT Institute, SWIFT.

“The technology assessment has given us valuable insights into the necessary requirements for DLTs to succeed in financial services. It provides a clear state-of-play, outlining the different factors the technology needs to address, and the current maturity of DLTs in each of these areas. SWIFT is committed working with its community to identify areas in which the technology can provide the greatest benefits, evolving at a pace that works for each customer.”

David Treat, a managing director and global head of Accenture’s Capital Markets Blockchain practice said: “The financial services industry is moving from an educational phase, into an application phase when it comes to DLTs. We now have a strong understanding of DLT and its benefits, but we need to identify which areas are best suited, as the technology will not be a silver bullet to solve all business issues. The SWIFT and Accenture paper provides the industry with a blueprint for reaching the next step in identifying how to apply DLTs.” – TradeArabia News Service