Financial services giants, Wells Fargo, have claimed their blockchain for internal cross-border money transfer is basically more efficient as opposed to SWIFT. SWIFT is a global messaging system used by over 11,000 financial institutions.

In addition, the Wells Fargo Digital Cash was launched earlier this week. The <a href="https://www.cryptoknowmics.com/crypto/wells-fargo-stablecoin-supposedly-faster-than-swift/">Stablecoin</a> uses R3’s Corda Enterprise software to handle internal book transfers, when funds move from a payer’s account to a payee’s account at the same bank.

According to Lisa Frazier, head of the Innovation Group at Wells Fargo:

“When we move money across the world and we need to exchange currencies, we have to go through third parties such as SWIFT and other banks. That’s a long process and every time there’s a connection with external parties, it takes time and energy and effort.”

However, using the Stablecoin would enable banks to move cash 20 hours a day. This is up from only six to nine hours, five days a week through wire transfers and systems like SWIFT according to Frazier.

She added:
<blockquote>“It’s faster than SWIFT, cheaper and definitely more efficient.”</blockquote>
At the moment, Wells Fargo will need to use SWIFT for internal book transfers between branches in different countries.

More importantly, the project is set for a piloting stage in 2020 after the proof-of-concept succeeds.  Frazier claimed the blockchain project, “will allow those locations to exchange digital cash among themselves.”
<h4><a href="https://www.computerworld.com/article/3440118/why-wells-fargo-plans-to-pilot-its-own-cryptocurrency.html">JPM Coin Vs Wells Fargo Digital Cash</a></h4>
Currently, the digital coin appears to be a replica of the JPM Coin. However, Frazier played down the similarities between the Wells Fargo Digital Cash and the JPM Coin. She said the two are very different. Wells Fargo is not a member of IIN, but Frazier hinted at a long-term plan for interoperability.

She said:

“Eventually in the future, there will be interoperable networks. As these emerging technologies come out of a nascent stage all kinds of things can happen.”

Wells Fargo Stablecoin Supposedly Faster than SWIFT

Financial services giants, Wells Fargo, have claimed their blockchain for internal cross boarder money transfer is basically more efficient as opposed... %

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Wells Fargo Stablecoin Supposedly Faster than SWIFT

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