Stellar, Ripple and Сonsolidation of Caribbean banks: Hermes Bank at SWELL and SIBOS 2017

For 4 days in October Toronto became the center of financial world: SIBOS2017—organized by SWIFT and SWELL2017 organized by Ripple—conferences took place in Canada’s biggest and richest city. Top financial sector representatives from around the world gathered in Toronto to discuss derisking, compliance practices, increasing pressure from regulators, new technologies and all the latest news.

Amongst participants who took part in both conferences was Hermes bank.

Hermes bank deputy general manager Jeanelle Williams: “SIBOS2017 is a great opportunity to meet our current partners, as well as consider new opportunities. In the last few years, there have been dramatic changes in AML and KYC fields requirements, and SIBOS is a go-to place to gather information in order to further align ourselves to global trends. Hermes Bank’s strict adherence to international treaties and best banking practices is not that commonmakes it stand out in the CarribeanCaribbean region, we areThe Bank is fully compliant with FATCA, CRS, Patriot Act, EU 4th Directive, to name a few. It is well known to our correspondents and confirmed by several audits, latest one by KPMG. Meetings with banking industry leaders, like JP Morgan, are a valuable affirmation thaысt we are doing things right.”

Hermes Bank team also participated in a number of SIBOS2017 events, including SWIFT KYC session with BNY Mellon and Caribbean banks, as well as met with a number of correspondent banks.

“One of our goals at Toronto was to establish working contacts with two major providers of blockchain technology for banks: Ripple and Stellar. We’ll be exploring their current capabilities and talking to the current bank clients to gain their insights,”—said Pantelis Pierides, Hermes Bank VP.

To reach this goal Hermes Bank representatives took part in SWELL2017 conference, participating in the events that featured—amongst others—technological and finance visionary Dr. Ben Bernannke (7th Federal Reserve president).

Another important meeting was with Jed McCaleb, founder of Stellar. Over two days parties discussed co-operation possibilities, as well as further role of Stellar in conjunction with IBM running HyperLedger project to provide RTGs capabilities pacific central banks, as well as other market participants.

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