Coinidol.com: A major announcement from a the global financial network, SWIFT.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) announced plans to integrate a blockchain-based shared ledger into its existing infrastructure.
This project, which is being developed in collaboration with Consensys and over 30 global banks, aims to solve the decades-old problem of slow, expensive cross-border payments. According to the report by swift.com, the new ledger is designed to enable:
-
Real-Time, 24/7 Transactions: Facilitating instant, round-the-clock international payments at scale. -
Tokenized Asset Transfers: Supporting the movement of tokenized assets across digital networks. -
Smart Contract Validation: Functioning as a secure, real-time transaction log that records and validates transfers using smart contracts.
This is arguably the most important institutional development of the day, as SWIFT processes payment instructions for over 11,000 financial institutions worldwide.
Javier Pérez-Tasso, CEO at Swift, commented:
“Through this initial ledger concept we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation.”
By embracing a blockchain-based ledger, SWIFT is future-proofing its role as the neutral infrastructure provider for the digital era and is creating a bridge between the traditional financial system and the emerging world of digital assets and CBDCs.
Source: https://coinidol.com/swift-blockchain-ledger/
