Digital Banking & Payments

SWIFT & 30+ Banks Pioneer Blockchain for 24/7 Global Payments

SWIFT & 30+ Banks Pioneer Blockchain for 24/7 Global Payments

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a pivotal organization in global finance, is embarking on a significant transformation of its infrastructure. In a move poised to redefine international transactions, SWIFT has announced the development of a blockchain-based ledger. This ambitious project is being undertaken in collaboration with more than 30 leading global financial institutions and blockchain software firm ConsenSys, with the overarching goal of enabling real-time, 24/7 cross-border payments. Revolutionizing Cross-Border Payments with Blockchain Technology For decades, SWIFT has served as the backbone of secure messaging for international payments, connecting over 11,500 institutions across more than 220 countries and territories and facilitating an estimated $150 trillion in cross-border transactions annually. Despite its extensive reach, traditional cross-border payments often contend with challenges related to speed, operational hours, and tra…

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