SWIFT to Establish a Blockchain-Based Ledger for Financial Institutions

Jin10 News, September 29 – The Society for Worldwide Interbank Financial Telecommunication (SWIFT) will integrate a blockchain-based ledger into its infrastructure. SWIFT is used by global financial institutions to send tens of millions of transaction instructions daily. In a statement on Monday, SWIFT announced that it has partnered with over 30 global financial institutions, including JPMorgan Chase, HSBC Holdings, Bank of America, and Deutsche Bank, to design and build the ledger. The first prototype will focus on real-time, 24/7 cross-border payments and will utilize technology from U.S. blockchain software company Consensys. The ultimate goal of SWIFT's blockchain-based infrastructure is to enable its members to use the network for transactions involving various digital assets, such as stablecoins, tokenized deposits, or other tokenized assets. Previously, blockchain technology experiments, including Singapore's Monetary Authority's Project Guardian, have been conducted for several years.