Banking Revolution: Swift Launches Blockchain Ledger for 24/7 Global Payments
Swift is officially entering the blockchain era with the launch of a new ledger designed to facilitate 24/7 cross-border payments. By leveraging tokenized deposits, the Brussels-based institution aims to eliminate the delays inherent in traditional banking, providing a seamless and instantaneous settlement layer for the global financial system.
In a remarkable feat of development, the project transitioned from proof of concept to active pilot use in just nine months. With seventeen banks across six continents participating in the pilot, this blockchain-based network is set to redefine how financial institutions manage liquidity and execute international transfers.
The Brussels-based Swift has announced the launch of a blockchain ledger aimed at bringing 24/7 cross-border payments to the global banking system. Highlighting the speed of innovation, the institution noted that the technology progressed from a proof of concept to activation and pilot use in only nine months.
Seventeen banks across six continents are now set to conduct pilot payments using tokenized deposits on top of Swift’s new ledger. This strategic move positions Swift at the forefront of the blockchain era, utilizing a tokenized deposit-based network to modernize the infrastructure of global financial institutions.
This is a summarized and adapted version by Artificial Intelligence. To read the complete original story, visit the official source.
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