Critically important payment network Swift has made an official announcement following the news last week.
Global financial messaging network Swift announced a collaboration with Consensys to develop a blockchain-based prototype for cross-border payments.
The company announced that the common ledger solution it will integrate into its infrastructure will initially focus on 24/7 real-time international payment transactions.
This ledger, designed based on a “concept prototype” developed by Swift in collaboration with Consensys, will enable the secure and instantaneous transfer of regulated tokenized assets. Transactions will be recorded, sequenced, and verified via smart contracts. Swift asserted that this system will be compatible with both existing and next-generation financial infrastructures while maintaining its own stringent compliance standards.
According to the company’s statement, more than 30 financial institutions, including giants such as Banco Santander, Bank of America, BNP Paribas and HSBC, are collaborating to provide feedback on the project and support its future implementation.
Last week, reports suggested that Swift was testing porting its system onto Consensys’ Ethereum Layer 2 solution, Linea.
“With this first-ever ledger concept, we are leading the way in taking the payments experience for financial institutions to the next level. Swift’s trusted platform will continue to be at the heart of the industry’s digital transformation,” Swift CEO Javier Pérez-Tasso said at the Sibos conference in Frankfurt.
