The new network will work as a large shared digital book where banks can Record their international transactions in real timeSort and validate through smart contracts. Thus, the payments made via the Swift Blockchain will be Available 24 hours a day, seven days a weekwith lower costs and without intermediaries. In addition, it will support transactions with stablescoins and tokenized financial assets (money, obligations or deposits represented numerically), which can be transferred between the blockchain networks instantly, safely and in a background.
Swift works on the prototype in collaboration with Ansensys, a company specializing in blockchain solutions. The following steps are to develop and test use cases to assess how this technology can be integrated into the global financial system. BBVA will provide consortium its expertise in digital innovation and global services to validate use cases such as Business payments to business, international funds and asset regulations.
Eva Rubio, responsible for the World Bank for Transactions at BBVA Corporate & Investment Bankingsaid: “Swift digital book initiative changes the situation for the future of cross -payment. The possibility of adjusting the regulated value in real time, with the reliability and security that the industry expects from Swift, will unlock new efficiency and opportunities for our customers. In BBVA, we are committed to collaborating on this next chapter of financial innovation.
The objective is to progress to a financial system in which international financial transactions are as agile and secure as local transactions. The platform will be interoperable and able to connect with current and future financial networks Within the framework of the standards of compliance of governance and regulations with which Swift works.
The new system will allow financial institutions to offer safely:
- Instant international payments which do not depend on banking hours or working days.
- Interoperability Between existing payment systems, fiduciary currencies, stablescoins and digital assets.
- Reduce transaction costs by rationalizing the processes and cutting the intermediaries.
- More efficient international regulation process.
