The financial messaging service SWIFT has announced their blockchain initiative.
Based in Belgium, the Society for Worldwide Interbank Financial Telecommunication, commonly known as SWIFT, is currently testing a project that leverages blockchain technology.
To turn this initiative into a reality, SWIFT has collaborated with notable fintech firms including Citigroup Inc., Northern Trust, American Century Investments, and Vanguard. This strategic partnership aims to improve efficiency in the communication of major corporate events through the implementation of divided payments and mergers. They plan to utilize Symbiont's unique technology platform, Assembly, and its blockchain capabilities, including smart contracts. Symbiot Inc. \"By combining Symbiont's Assembly and smart contracts with SWIFT's vast network, we can systematically synchronize data from various sources regarding corporate action events, yielding significant efficiencies,\" stated Thomas Zschach, SWIFT's Chief Innovation Officer.
In September, a focus group will evaluate the pilot version of this technology. If the testing proves successful, SWIFT will roll it out to a broader audience.
SWIFT is recognized globally for delivering secure financial messaging services, operating across more than 200 countries and regions. However, in February of this year, the European Commission took action to exclude several Russian banks from this messaging service, impacting both businesses and individuals and restricting their ability to conduct global money transfers. Subsequently, in July, Sberbank in Russia announced a.
In May, SWIFT conducted preliminary tests on Central Bank Digital Currency (CBDC) networks aimed at cross-border transactions, striving to provide a scalable and seamless solution for global payments.
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In line with the Trust Project guidelines Armed with a Master's degree in Public Communications, Valeria is also pursuing a double major in International Business Management. In her spare moments, she enjoys photography and fashion styling. At just 13 years old, she launched her first fashion blog, igniting her passion for journalism and style.
