To promote this innovation, ANZ and Wells Fargo have delivered a proof of concept demonstrating DLTs have the potential to add real value to both the customer experience and the efficiency of correspondent banking.
“We were determined to avoid the hype often associated with emerging technologies and focus our efforts on addressing a real pain point for both financial institutions and customers. The success of our proof of concept highlights what can be achieved when technology and business innovation are combined with cross-industry collaboration,” Nigel Dobson, General Manager Wholesale Digital and Transformation Projects at ANZ says.
The proof of concept resulted in the creation of a shared distributed ledger platform that demonstrates the potential to improve the efficiency and speed of cross-border correspondent banking payment reconciliation and settlement.
ANZ and Wells Fargo developed a prototype within a short space of time that could operate in parallel with existing infrastructure.
“Collaborations like this one will help establish a framework for innovation across financial institutions. Collaborative R&D projects not only help improve internal operations, but they also help drive breakthrough improvements across the financial services industry,” Holroyde says.
Dobson hopes the results will form the basis of further discussions and knowledge-sharing across the industry.
“While this joint initiative has advanced our collective thinking on innovations in this space, the networked nature of both this problem and the proposed DLT solution means the full benefits will only be realised through broad industry participation and adoption,” he says.
To read more on distributed ledger technology and the opportunities in correspondent banking from ANZ & Wells Fargo, read our whitepaper HERE.
Chris T’en is Senior Manager, Payments Portfolio, ANZ, Jackie Kallman is Manager, Payments Industry, ANZ and Larry Feinberg is Head of Complex Initiatives, Global Product Management at Wells Fargo.
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