Assenture: The Journey to Real-Time Cross Border Commercial Payments using Distributed Ledger Technology
“There are thousands of banks worldwide reachable through correspondent banking and engaged in cross-border payments, with an annual value of $25 to $30 trillion and volume of 10 to 15 billion payments2. It is not practical to link all these banks immediately into a new network using DLT, nor to expect rapid migration to full scale volume—not only would it be a huge logistical exercise that would introduce risk into cross-border payments, but there are too many unknowns about how the network would operate which cannot be determined through research and analysis.
However, it is practical to start building such a network bottom-up, initially with a small number of banks and a small number of transactions. This is a viable approach, the technology is ready, and the customer demand is there. Starting small, implementing DLT technology iteratively allows learning by doing and a gradual rollout that can be scaled steadily in a contained and controlled way. It gives the network freedom to evolve to the best possible end state model.”
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