Leading provider of risk analysis and credit ratings, Moody’s Investor Service said Swiss banks are highly risk-sensitive to blockchain technology. Blockchain technology eliminates the necessity for a third-party intermediary through establishment of permanent and secure transaction records between parties.

According to The Asian Banker, Moody’s said in a report: “While making cross-border transactions faster and less expensive would be credit positive for banks, these efficiencies could also compress their fees and commissions, a credit negative.”

Switzerland ranks third on Moody’s report which highlights the list of countries that handle cross-border transactions relative to GDP.