London, September 29 (Reuters) – Global Financial Messageing Network Swift and more than 30 world banks announced on Monday that they were now working “in Pace” to make cross -border payments instant and on a system capable of managing the different new forms of digital money.
Swift, a key element in global financial architecture, said institutions collaborated on a “big shared digital book” based on blockchain they considered vital to modernize international banking transactions.
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The calendar has not yet been defined, but it will initially focus on activating 24/7 cross -border payments in real time, which should also make the process cheaper since it can currently take days.
SWIFT, based in Belgium, also plans to rely on recent pilot projects to make its “interoperable” systems with new, now emerging for stablescoins, tokest bank deposits and digital currencies of the Central Bank (CBDC) developed by China and the European Central Bank.
The main advantage of Swift is that its existing network can already be used in more than 200 countries and connects more than 11,000 banks that use it to send billions of dollars every day.
Stablecoins quickly move the niche cryptography instruments in the dominant current. A Citi report last week estimated that there could be up to 4 billions of dollars of stablescoins in circulation by 2030, with 100 billions of dollars to do by using them a year.
About 90% of the world’s central banks now explore digital versions of their fiduciary currencies while they seek to avoid leaving behind.
Swift said it was planned that the major shared digital book – a secure and real -time newspaper transactions between banks – “would record, sequente and validate transactions and apply the rules via smart contracts”.
The group of more than 30 global financial institutions that will help design and build the big book include JPMorgan, HSBC, Deutsche Bank, MUFG, BNP Paribas, Santander and OCBC, as well as a number of banks in the Middle East and Africa.
Report by Marc Jones; Edition by Jamie Freed
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