Cross-border digital cash solution

Challenge

• Internal book transfers between branches are overly-complex and slow
• SWIFT Payments only run 6-9 hours a day, 5 days a week, impacting international payments experience for customers
• Transfers involve multiple parties and systems and carry high-risk, cost and complexity

Solution

• Digital Cash eliminates the reliance on SWIFT and correspondent banks using cash tokens to move value between Wells Fargo entities cross-border
• Resulting in settlement without third parties and a reduction in transfer time, costs and points-of-failure

Why Corda?

• Chosen for its high levels of privacy, scalability and security architecture that’s compatible with financial industry standards

Results

• Faster transfer and reduced liquidity risk
• Irreversible, near real-time settlement and reconciliation
• Expanded operating hours with 24×7 transactions