Financial messaging system SWIFT announces a blockchain project
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Belgium-based SWIFT, The Society for Worldwide Interbank Financial Telecommunication, pilots a blockchain-backed project.
To make this project reality, the messaging system partners with fintech company Symbiot Inc., Citigroup Inc., Northern Trust, American Century Investment, and Vanguard. The collaboration aims to drive “efficiencies in communicating significant corporate events” by introducing divided payments and mergers. SWIFT will use Symbiont’s proprietary technology platform, Assembly, along with the company’s blockchain capabilities and smart contracts.
“By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s extensive network, we’re able to automatically harmonize data from multiple sources of a corporate action event. This can lead to significant efficiencies,”said the Chief Innovation Officer at SWIFT, Thomas Zschach.
A focus group will test the pilot version of the technology in September. Granted the test is a success, SWIFT will bring the technology to a wider community.
SWIFT is a global provider of secure financial messaging services that supports more than 200 countries and territories. However, in February this year, the European Commission decided to cut several Russian banks from the financial messaging service, which affected companies and individuals alike and made it unavailable to transfer money globally. In July, Russia’s Sberbank introduced a crypto solution for those affected by the sanctions.
In May, SWIFT first tested the Central Bank Digital Currency networks for cross-border transactions aiming to enable “a highly scalable and easily integrated solution” for international payments.
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