Swift Integrates Blockchain Ledger for Global Payments
Swift Integrates Blockchain Ledger for Global Payments
The Society for Worldwide Interbank Financial Telecommunication (Swift), a pivotal financial messaging network, has embarked on a significant technological evolution by integrating a blockchain-based shared ledger into its core infrastructure. This strategic enhancement is designed to usher in an era of "instant, always-on cross-border transactions possible at unprecedented scale," as articulated by Swift in a recent announcement. This development marks a transformative step towards modernizing global financial operations. Collaborative Development and Key Stakeholders A Unified Effort Across Financial Institutions Swift’s initiative is not a solitary endeavor but a collaborative effort involving a consortium of approximately 30 prominent financial institutions (FIs) from across the globe. This collective aims to develop the new shared ledger, with a particular focus on facilitating real-time, 24/7 cross-border payments. The initial conceptual prototype for this ambitious proje…