While the aspects relating to physical security leave a lot to be desired with even the most basic security requirements not being in place (like access for unauthorised personnel even to sensitive Cash holding areas), the security features in the computer systems are not fully fool proof in some banks.
Technology-based solution providers suggest that blockchain or DLT could be harnessed to alleviate some correspondent banking issues. This can be achieved by enabling better risk management, reducing costs, and providing an alternative payment platform, especially in terms of transferring small-value payments. In this connection, the BSP is working closely with market innovators and industry players to explore tie-ups of correspondent banks with DLT providers.