Re-imagining correspondent banking – fresh perspectives

Alan Marquard and Peter Klein, CLS

We all know blockchain and distributed ledger technology have the potential to become game-changing tools that can reshape the world of business in profound ways. Naturally, there’s plenty of hype when innovation delivers something as ground-breaking as these technologies, but scratch the surface and you’ll soon see that blockchain is not a panacea – it cannot provide the solution for everything. Evolution does not sweep away existing forms and functions in an instant; it generally adopts the best, most innovative ideas and marries them with the status quo to drive significant improvements.

Reform is most easily absorbed by structures that are ripe for transformation, such as the international payments sector. We know it has to change, but to switch – en masse – to a new disruptive technology would be an extraordinarily risky strategy.

The answer, we suggest, may be more evolutionary than revolutionary.

 

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