Quick take:
- Swift is working with blockchain software development company Consensys for the conceptual prototype of the ledger.
- The international money remittance service also plans to add the capability to support interoperability across existing and emerging systems for various use cases.
- The ledger will leverage Swift’s “resiliency, security, and scalability to facilitate transactions using any form of regulated tokenised value.”
Swift, the leading global money remittance, is teaming up with the blockchain software development company Consensys to add crypto payment rails into its cross-border payments network.
According to the press release seen by NFTgators, the company is collaborating with a group of more than 30 financial institutions globally will develop a shared digital ledger to enable real-time 24/7 cross-border payments.
Consensys will help Swift develop the conceptual prototype of the ledger, which will leverage “resiliency, security, and scalability to facilitate transactions using any form of regulated tokenised value.”
Swift also plans to add the capability to support interoperability across existing and emerging systems for various use cases.
Commenting on the announcement, Swift CEO Javier Pérez-Tasso said in a statement: “We provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future. Through this initial ledger concept, we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation.”
According to the announcement, the ledger will record, sequence, and validate transactions and enforce rules through smart contracts. It is also seen as a way of extending Swift’s financial communication role into a digital environment, facilitating banks’ trusted and scalable movement of regulated tokenised value across digital ecosystems.
Some of the financial institutions providing feedback to Swift and Consensys on the conceptual prototype include DBS Bank, ANZ, Absa, Standard Chartered, Royal Bank of Canada, Deutsche Bank, Emirates NDB, Mizuho, Westpac, Commerzbank, JPMorgan Chase, Citi, BNP Paribas, BBVA, BNY, Bank of America, Banco Santander, HSBC, Wells Fargo, and Societe Generale-FORGE, among others.
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