SWIFT Partners With 30 Banks To Build Blockchain-based Ledger Payments () program details. Reviews, Scam or Paying

Leading payment messaging system SWIFT has partnered with over 30 banks to provide blockchain-based ledger payments. SWIFT announced the latest development on Monday during the Sibos conference in Frankfurt. The initiative aims to expand and leverage blockchain technology to deliver real-time, secure, 24/7 cross-border transactions.

The payment messaging service confirmed that the development is in its early stages. They revealed that they are starting with a conceptual prototype by Consensys and will advance from thereon. The ongoing development is titled SWIFT phase one, and the next round of blockchain development will begin after the first phase is complete.

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“SWIFT will work at pace to complete the prototype in phase one and define its future phases of work,” the blockchain-based ledger announcement notes.

The payment firm confirmed that organizations from over 16 countries will provide feedback and support the development. “Financial institutions from 16 countries are providing SWIFT feedback on the design of the (blockchain) ledger, and, following successful development and proof of concept, SWIFT will work with its global community on implementation.”

SWIFT Enters the Blockchain-based Ledger Payments

swift
Source: The Washington Independent

Apart from the support of 16 countries, many other financial institutions will participate in the SWIFT blockchain development. The leading payment messaging system aims to build a robust network by leveraging the new technology. The blockchain tech is growing by leaps and bounds, with many institutions being a part of it.

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The leading financial institutions that will support SWIFT’s blockchain-based ledger payments are: Absa, Akbank, ANZ, Banco Santander, Bank of America, Banorte, BBVA, BNP Paribas, BNY, Bradesco, Citi, Commerzbank, Crédit Agricole, DBS Bank, Deutsche Bank, Emirates NBD, First Abu Dhabi Bank, Firstrand Bank, HSBC, Itaú Unibanco, JP Morgan Chase, Mizuho, MUFG, Natwest, OCBC, Royal Bank of Canada, Saudi Awwal Bank, Shinhan Bank, Societe Generale-Forge, Standard Chartered, TD Bank Group, UOB, Wells Fargo, and Westpac.

  • blockchain technology
  • Swift

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