SWIFT Unveils Blockchain Ledger: 30+ Global Banks Back Push for 24/7 Cross-Bo...
Payments giant SWIFT is developing a blockchain-based ledger with 30+ top banks and Consensys, aiming to enable 24/7 cross-border payments. SWIFT Is Working With 30+ Global Financial Institutions On A Blockchain Ledger As revealed in a press release, SWIFT is planning to add a blockchain-based ledger to its infrastructure stack, in collaboration with a group […]
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After months of testing, Swift, the interbank payments platform that connects 11,000 global banks, has formally launched the system it believes will be the future of its cross-border payments services. And notably absent was any integration with blockchain or distributed ledger technology. As part of the formal rollout, Swift (or the Society for Worldwide Interbank Financial Telecommunication) revealed that 13 of the world's largest banks have been conducting real-time transactions via its Global Payments Innovation (GPI) project for some months. Although Swift plans to continue its....
SWIFT, the operator of the platform used by the global interbanking system, has revealed details of its blockchain proof-of-concept (PoC) trial that sees participation from a number of global banks for real-time cross-border payments. Swift has chosen the Hyperledger Fabric, a product developed by the Linux Foundation-led open-source cross-industry collaborative Hyperledger Project, as the core technology for its PoC. It should not come as much of a surprise, with Swift among the founding members of the project. The goal is to see if blockchain technology can help ‘improve the....
A major financial institution that handles around $150T in payments annually is eyeing a tokenized future. It’s SWIFT, and it plans to add a blockchain-based ledger to its global payment infrastructure. And guess who’s helping develop the cross-payments ledger that pledges to never sleep? Over thirty major financial institutions, including JP Morgan, HSBC, Citi, and […]
Ripple’s role in global finance is drawing new attention after Versan Aljarrah of Black Swan Capitalist revealed that central banks in BRICS nations have been building on the XRP Ledger. The findings suggest that the ledger is not an afterthought but a serious option in the bloc’s plans for cross-border payments. BRICS Central Banks Quietly […]
SWIFT, the global network that handles most of the world’s cross-border payments, is preparing to launch its own blockchain as rumors about an ongoing payments battle with Ripple circulate. While many often compare SWIFT’s role to Ripple due to its XRP-linked payment solutions, this new plan is not a direct challenge to the fintech company, but rather part of a much larger trillion-dollar race to define the future of digital money. SWIFT Partners With Consensys To Build Blockchain Network According to the announcement, SWIFT is collaborating with Consensys, the Ethereum development company....