Cryptotechnologies Working Group
Background and mission
The Working Group on Cryptotechnologies in International Payments explores the practical implications, opportunities and challenges of cryptotechnologies in transaction banking.
In international payments, correspondent banks manage a multitude of bilateral relationships across multiple geographies in order to transfer funds safely between originators and beneficiaries. To efficiently meet key trust and security requirements and manage operational and liquidity risks as well as pots-transaction procedures, banks could benefit from the use of cryptotechnlologies.
For more information see the Terms of Reference.
Originally created as a sub-group of the former Electronic Alternative Payment Working Group (now Open Banking Working Group), the Cryptotechnologies Working Group has been exploring relevant use cases and business models for cryptotechnologies in trade finance and international payments.
Its current focus is on the use of cryptotechnologies in the practical fulfilment of regulatory compliance requirements.