Using replicated ledger to reduce SWIFT costs
Introduction
This paper proposes an approach to build a payment product that could be deployed across units of same bank or banks which have correspondent relationships, to reduce SWIFT message costs and to conserve liquidity by reducing need for Settlement and Nostro accounts.
The paper proposes an outline of a product that implements a replicated, single wrapper around existing ledgers of such bank units to enable quick, irrevocable, tamper-proof approach to managing electronic payments between correspondent bank units.