Cross-border digital cash solution
Challenge
- Internal book transfers between branches are overly-complex and slow
- SWIFT Payments only run 6-9 hours a day, 5 days a week, impacting international payments experience for customers
- Transfers involve multiple parties and systems and carry high-risk, cost and complexity
Solution
- Digital Cash eliminates the reliance on SWIFT and correspondent banks using cash tokens to move value between Wells Fargo entities cross-border
- Resulting in settlement without third parties and a reduction in transfer time, costs and points-of-failure
- Why Corda? Chosen for its high levels of privacy, scalability and security architecture that’s compatible with financial industry standards
Results
- Faster transfer and reduced liquidity risk
- Irreversible, near real-time settlement and reconciliation
- Expanded operating hours with 24×7 transactions
