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SWIFT Business Forum New York - 3 Mar 2015 1
Crypto-currency Plenary
Wim
Raymaekers
SWIFT
Marc
Hochstein
Houman
Shadab
American Banker
@MarcHochstein
New York
Law School
@HoumanShadab
Could new entrants and crypto-protocols threaten the
correspondent banking model?
#BFNewYork
Cheryl
Gurz
BNY Mellon
SWIFT Business Forum New York - 3 Mar 2015 2
Agenda
Introduction
Panel discussion
Q&A
A
G
E
N
D
A
SWIFT Business Forum New York - 3 Mar 2015 3
Where do we come from, where do we go to?
SWIFT Business Forum New York - 3 Mar 2015 4
1970s
Automation
SWIFT
1990s
Efficiency
GTB
2010s
Simplicity
Consumer
1.0
Correspondent
banking
2.0
Transaction
banking
3.0
Experience
banking
4.0
?
2020s
Source: Correspondent banking 3.0 white paper, available from swift.com
5 mega trends impacting correspondent banking
SWIFT Business Forum New York - 3 Mar 2015 5
Real time
Open Access
Compliance
Off the wire
Growth
New entrants pitching for bank business
SWIFT Business Forum New York - 3 Mar 2015 6
“Over 50% of Delegates Surveyed
at SIBOS Say Correspondent
Banking is Unsuitable for Payment
Values of Less Than $1,000” “26% said current correspondent banking model is
unsuitable for making payments of less than $50,000”
Provides “global switch”
for cross border transfers
Is correspondent banking under threat?
SWIFT Business Forum New York - 3 Mar 2015 7
Local bank Local bank
PSP PSP
ACH ACH
GTB GTB
End customer
(retail, SME, corp)
End customer
(retail, SME, corp)
Correspondent Banking
Transfer
Agent
Transfer
Agent
Open access to 3rd parties via APIs
SWIFT Business Forum New York - 3 Mar 2015 8
Source: Mark Buitenhek at Think Forward. Act now The Future of Payments congress, November 2014
SWIFT Business Forum New York - 3 Mar 2015 9
SWIFT Business Forum New York - 3 Mar 2015 10
Panel discussion
Regulation
Impact
U.S. landscape
Opportunities
SWIFT Business Forum New York - 3 Mar 2015 11
Crypto-currency Plenary
Wim
Raymaekers
SWIFT
Marc
Hochstein
Houman
Shadab
American Banker
@MarcHochstein
New York
Law School
@HoumanShadab
Could new entrants and crypto-protocols threaten the
correspondent banking model?
#BFNewYork
Cheryl
Gurz
BNY Mellon
Q&A
?
SWIFT Business Forum New York - 3 Mar 2015 12
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