More than 30 of the biggest banks around the world join the design, development and testing of the new offer, Swift announced to the Sibos conference.
The big news of this year’s Sibos conference in Frankfurt came at the opening on Monday. Swift has announced that it would add a big book based on blockchain to its infrastructure, marking a revolutionary decision to accelerate and extend the advantages of digital finance in more than 200 countries and territories in the world.
The initial emphasis will be on cross -border payments 24/7 in real time, and the financial messaging cooperative creates a network connecting more than 11,000 banks in more than 200 countries. The launch date has not been announced, but once implemented, this large book will make cross -border payments cheaper in the world.
Swift and more than 30 leading financial institutions from 16 countries around the world, notably Bank of America, BBVA, BNP Paribas, Citi, DBS, Deutsche Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, JPMorgan Chase, MUFG, OCBC, Bank of Canada, SOCIETE GENERAL – TD Bank, are on the project. Financial institutions will provide feedback on the design of the big book, followed by a development and subsequent tests.
Initially, Swift will collaborate with the Blockchain Consensys software developer on a conceptual prototype of the big book, which will support interoperability between current and emerging systems. The model uses the parallel routes of “upgrading of existing rails while creating future digital rails to maximize the choice of infrastructure for industry”.
The announcement is important for several reasons: he demonstrates that Swift is ready to take advantage of the unique forces of his network for the launch of a large blockchain book, and it is supported by most of the main world banks around the world. It is also a clear sign for all the different books of owners’ blockchain launched by other institutions that today’s plan is the result of a collective effort and will fill and coordinate what each financial institution has done and done in this area.
“Our history of development of instant cross -border payment capacity and our early foray into the blockchain -based payment solutions allow DBS to significantly take care of the digital initiative of the big shared book”, said Lim Soon Chong, group manager of global transaction services at DBS Bank. “We believe that blockchain technology can inaugurate the next generation of” always “and” smarter “financial services. infrastructure.
