Crypto Currency

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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