Austrac Testing Blockchain Feasibility to Automate Fund Transfer Instructions

By Jenny Aurora | February 27, 2019
Austrac Testing Blockchain Feasibility to Automate Fund Transfer Instructions

Australia is trying out a blockchain prototype to automate fund transfer instructions. Government financial intelligence agency, the Australian Transaction Reports and Analysis Centre (Austrac) is working with Swinburne University of Technology in Melbourne for the trial.

ZDNet reported on Feb 24 that the pilot is to test blockchain’s feasibility in helping various entities such as banks, remitters, and casinos automate the reporting of their cross-border fund transfer instructions (IFTIs) to Austrac.

According to ZDNet, the proof-of-concept (PoC) project was launched in December 2018, and is to last for a year. Blockchain is one of the technologies being explored for IFTI reporting automation.

Austrac launched new rules for domestic cryptocurrency exchanges in April 2018, requiring operators to register and abide by Anti-Money Laundering rules and Know-Your-Customer checks.

Last month, Swinburne University established a global Blockchain Center of Excellence together with Capgemini, a French consultancy firm. The center will focus on encouraging industry fluency in the implementation of blockchain technologies, platforms, assets, and systems. The arrangement will see the two firms work together to develop blockchain solutions from PoC to production.

“We see this technology as the key digital innovation platform supporting global supply chains, intellectual property, and trade across a range of industry sectors in the future”, said Aleksandar Subic, deputy vice-chancellor of research and development at Swinburne University.

Previously in early 2018, Swinburne also partnered with ArtChain Global to implement blockchain and Internet of Things (IioT) technologies to innovate the global art industry.

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