πSwift has announced the launch of a #Blockchain platform to support 24/7 real-time cross-border payments.
Swift will collaborate with over 11,500 financial institutions globally, transforming the way international payments are processed.
The new blockchain ledger aims to enhance scalability and reduce the costs and delays traditionally associated with cross-border transactions.
The blockchain-based shared ledger will start with a conceptual prototype with Consensys and will record, sequence and validate transactions and enforce rules through smart contracts. The ledger will be built for interoperability, both with existing and emerging networks, while maintaining the trust, resilience and compliance synonymous with Swift and critical to the secure functioning of global finance.
Major global banks like UBS, BBVA, BNY, and HSBC will partner with Swift to pilot the new blockchain ledger.
#Swift #Banking
