Interbank Money Transfers
A new, digital platform for movement of funds among banks or other financial institutions.
DLT Money Transfer solution enables participating FIs to send and receive digitised funds in multiple currencies,in near-real time, with finality of transaction and 24/7 - saving 30-60% in costs associated with traditional transfer methods.
BENEFITS
Financial institutions benefit immediately from improved operating efficiency, better liquidity and cross-border capital management and the ability to unlock value for their clients in a variety of use cases:
•excess liquidity and improved allocation of capital
(lower buffer for unexpected events)
•cost of client enquiries
•exception handling
As needs change, new systems can be connected or removed to optimise intra-bank or intra-banking group transfers.
Efficient processing enables competitive remittance offering for retail and business clients in a variety of business models, preventing attrition to alternative providers
A flexible platform for the bank to deploy value added enhancements within and beyond international payments to secure new sources of value for clients.
KEY FEATURES
The solution benefits from all core features of the Unified Enterprise DLT System, including its financial services regulatory compliance, enterprise grade security and throughput
Permissioned, distributed network
The system is permissioned with all participants transacting on a shared network through their assigned, role-based nodes with cryptographically protected access and immutable audit trail.
24/7 with payment finality
Transactions on DLT execute without cut-offs times and time zones - with trusted finality of settlement.
Transparency and real-time status
Data rich messages are integrated with transfers. End-to-end transaction status is available to participants in real-time until beneficiary’s account is credited.
Business logic automation
Programmable logic enables automation of transaction routing and compliance checks or other payment related triggers.
Interoperability and scalability
Ability to work with legacy core systems as well as traditional rails for the ‘last mile’ customer experience. New participants can be connected to DLT easily and without downtime as network grows.
HOW IT WORKS
DLT Money Transfers system links with the architecture of each participating financial institution for a shared network that can be deployed within a banking group or as a platform of cooperating institutions. Programmable business logic enables system configuration for local requirements e.g. in currency controls
Financial institutions can opt to extend the service to end-users, such as to provide direct wallet-to-wallet remittances and other value added services.
