SWIFT to Develop Blockchain-Based Ledger for 24/7 Cross-Border Payments

Global accepted concern (TradFi) payments strategy SWIFT said it is adding a blockchain-based ledger to its network.

SWIFT is moving with a radical of implicit 30 fiscal institutions to physique a ledger that could marque cross-border payments 24/7, based connected a prototype by Ethereum developers Consensys, according to an announcement connected Monday.

"The ledger volition widen SWIFT's fiscal connection relation into a integer environment, facilitating banks' question of regulated tokenized worth crossed integer ecosystems," SWIFT said.

SWIFT is simply a messaging strategy that supports planetary slope transactions and is utilized by much than 11,000 fiscal institutions crossed implicit 200 countries.

Facing suggestions that it could beryllium made obsolete by adoption of integer assets, peculiarly stablecoins, SWIFT has been experimenting with blockchain exertion and tokenization for respective years to effort and get connected the beforehand ft against this imaginable disruption.

SWIFT said it envisages that the ledger volition enactment arsenic a real-time log of transactions betwixt fiscal institutions, record, sequencing and validating transactions and enforcing its rules done astute contracts.