– SWIFT to integrate blockchain for 24/7 cross-border payments
– Collaboration with over 30 financial institutions
– Prototype by Ethereum developers Consensys
SWIFT is integrating a blockchain-based ledger into its network.
The initiative involves collaboration with over 30 financial institutions, using a prototype developed by Ethereum developers Consensys.
The new ledger aims to enable 24/7 cross-border payments, extending SWIFT's role in digital finance.
Over 11,000 financial institutions across more than 200 countries use SWIFT for international transactions.
In response to the potential threat from digital assets and stablecoins, SWIFT has been exploring blockchain and tokenization technologies for several years.
The ledger will provide a real-time transaction log, using smart contracts to record, sequence, and validate transactions.
