- Swift launches a big shared book based on the blockchain with consensys to activate instant transfronner transactions and always on.
- SWIFT takes advantage of its 50 years of experience by providing global financial messaging to offer the same normalization and the same confidence of tokenized assets as for payment instructions.
- The big book will focus on confidence and conformity while being interoperable by working with public and private networks.
Swift announced this week that he launched his own blockchain in partnership with the Blockchain Consensys software company.
The new shared register based on Swift Blockchain will facilitate cross -border transactions always on the cross -border level. Today’s announcement comes after Swift prototyped the blockchain with more than 30 financial institutions around the world. Experience with these companies helps Swift to design and build the big book, which begins with a prototype powered by consensys.
This decision is based directly on the history of five decades of Swift as a skeleton of cross -border financial messaging. Since its creation in 1973, Swift has gone from a consortium of 239 banks in 15 countries in what it is today: a global standard for secure interbank communication which links more than 11,000 institutions in the world.
Just as the SWIFT original network has created a common language for banks to exchange payment instructions, its new big book is designed to provide normalization and confidence for token workers. Swift plans that its new big book will expand its accent on infrastructure. The cooperative belonging to members plans to work with the banks on the use of the infrastructure of the big book.
The launch also reflects the increase in the request for settlement always on, interoperability between blockchains and Fiat rails, and the need for a global standard of trust in digital finance. “Today we provide powerful and effective rails and we are using a quick pace with our community to create the infrastructure stack of the future,” said Swift CEO, Javier Pérez-Tasso. “Thanks to this concept of a large initial book, we pave the way to financial institutions to pass the payment experience to the higher level with the proven and reliable platform of SWIFT at the center of the digital transformation of the industry.”
The new big book will work with existing and emerging networks to record a secure and real -time newspaper of the transactions that take place between financial institutions. Swift will focus on trust and conformity, taking advantage of its long -standing reputation. It will also guarantee interoperability between distributed registers transfers and existing Fiat rails, orchestrating between different systems and supporting private and public networks.
“While digital assets continue to develop and mature Pace, the big book based on Swift Blockchain provides the fundamental infrastructure necessary for trusted and real -time cross -border payments as well as the existing ways to move money,” said the payment manager of the Natwest group and the digital active strategy Lee McNabb. “By associating in this initiative, we feel solutions that allow our customers to benefit from greater speed, transparency and above all, flexibility in the digital age – without hesitation on robust compliance and risk management.”
Swift’s big book is not only an evolution of the business. It is also an example of how the wider industry changes with technology. In this case, the same rails that have transported payment messages for 50 years could soon bring recordings for token funds.
Photo by Noah Wilke
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