If banks can't beat cryptocurrencies, they might as well join them. That seemed to be the consensus at a Tuesday panel on correspondent banking sponsored by The Society for Worldwide Interbank Financial Telecommunication. The multistep correspondent-banking model is being transformed by new entrants touting faster, cheaper services thanks to cryptocurrency technology, panelists said. They urged financial institutions to consider what they can learn from Bitcoin as well as digital currency developers like Ripple Labs and Stellar Development Foundation.

http://www.americanbanker.com/news/bank-technology/cryptocurrency-technology-set-to-shake-up-correspondent-banking-1073084-1.html