SWIFT Unveils Blockchain Ledger: 30+ Global Banks Back Push for 24/7 Cross-Bo...
Payments giant SWIFT is developing a blockchain-based ledger with 30+ top banks and Consensys, aiming to enable 24/7 cross-border payments. SWIFT Is Working With 30+ Global Financial Institutions On A Blockchain Ledger As revealed in a press release, SWIFT is planning to add a blockchain-based ledger to its infrastructure stack, in collaboration with a group […]
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After months of testing, Swift, the interbank payments platform that connects 11,000 global banks, has formally launched the system it believes will be the future of its cross-border payments services. And notably absent was any integration with blockchain or distributed ledger technology. As part of the formal rollout, Swift (or the Society for Worldwide Interbank Financial Telecommunication) revealed that 13 of the world's largest banks have been conducting real-time transactions via its Global Payments Innovation (GPI) project for some months. Although Swift plans to continue its....
SWIFT, the operator of the platform used by the global interbanking system, has revealed details of its blockchain proof-of-concept (PoC) trial that sees participation from a number of global banks for real-time cross-border payments. Swift has chosen the Hyperledger Fabric, a product developed by the Linux Foundation-led open-source cross-industry collaborative Hyperledger Project, as the core technology for its PoC. It should not come as much of a surprise, with Swift among the founding members of the project. The goal is to see if blockchain technology can help ‘improve the....
Ripple’s role in global finance is drawing new attention after Versan Aljarrah of Black Swan Capitalist revealed that central banks in BRICS nations have been building on the XRP Ledger. The findings suggest that the ledger is not an afterthought but a serious option in the bloc’s plans for cross-border payments. BRICS Central Banks Quietly […]
A global platform that connects the vast majority of the world's banks has begun building a blockchain application to simplify cross-border payments. Announced today, The Society for Worldwide Interbank Financial Telecommunication (Swift) is integrating open-source blockchain technology with its own products to build a proof-of-concept that might one day replace the so-called "nostro" accounts its members keep filled with cash all over the world – just in case they need it. If successful, the blockchain application has the potential to finally achieve a longstanding dream of....
Can Swift stay relevant in a world of blockchain? Swift, founded in 1973 with the aim of standardizing how cross-border payments are sent, is the epitome of a middleman. It sits between many of the banks worldwide, making money off the fees it charges when its members sent transactions between one another. Since its founding, the number of Swift member banks has grown from 239 to more than 11,000. Last year, the "cooperative society" sent 6.1 billion financial messages on behalf of its members, earning €710m in operating revenue. Then came the blockchain, and in many ways, all....