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Austrac trialling blockchain to automate funds transfer instructions

The proof of concept is testing the feasibility of using blockchain to help entities such as banks, remitters, and casinos, automate international fund transfer instructions reporting.
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Written by Asha Barbaschow, Journalist on

The Australian Transaction Reports and Analysis Centre (Austrac) is trialling the use of blockchain to automate funds transfer instructions.

Working with Swinburne University of Technology, the pair are building a prototype to test out the feasibility of using technologies like smart contracts on blockchain to help reporting entities such as banks, remitters, and casinos, automate international fund transfer instructions (IFTIs) reporting to Austrac.

The proof of concept project with Swinburne commenced in December 2018 and is expected to run for 12 months, a spokesperson told ZDNet.

They also said that blockchain is one of several technologies being explored to produce the IFTI reporting automation.

Swinburne last month launched a new global Blockchain Centre of Excellence in partnership with consultancy firm Capgemini.

Based at Swinburne's Hawthorn campus in Melbourne, the Centre of Excellence is expected to focus on advancing blockchain technologies, platforms, assets, and systems to develop industry understanding and implementation of blockchain technologies.

According to the pair, the arrangement will see Swinburne work with Capgemini's network to lead development and implementation of blockchain solutions from proof of concept through 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," Swinburne deputy vice-chancellor of research and development professor Aleksandar Subic said.

The Centre of Excellence will build on the capabilities of Swinburne's current Blockchain Innovation Lab, the university said, noting Swinburne will engage with experts and researchers from sectors such as IT, business and law, engineering, health, and design to tackle interdisciplinary problems and challenges related to developing and implementing blockchain technologies.

It follows the university in early 2018 kicking off work on a blockchain technology platform to change the global art trade industry through a partnership with ArtChain Global.

The platform uses blockchain and Internet of Things technologies to support the registration, trade, and tracking of art assets across their entire lifespan.

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