The second largest asset in Britain, Barclays bank, joins the CLS Group consortium in order to develop a system for rapid and secure foreign exchange transfers, an alternative for SWIFT transactions.
As reported by coindesk.com, Lee Braine, from the Barclays Investment Bank's CTO office, claims that the institution has become interested in the project due to the fact that the CLS platform is to operate side-by-side with the existing SWIFT solution, rather than being forced on customers.
People can connect via Swift or via a new [distributed ledger technology] connection mechanism. So, you have a choice.
Investment Bank CTO Office
Thus, Barclays will now work alongside the group's other members, including JPMorgan Chase, Goldman Sachs and Bank of China, aiming to bring new levels of efficiency and security to the forex settlements industry.
As reported, the platform called CLS Net is expected to let participants trade global currencies using six different kinds of blockchain-based products. Hyperledger Fabric is to serve as the basis of the new platform.