Key Points
- •Swift partners with Consensys for blockchain payment infrastructure.
- •System to enable 24/7 cross-border payments.
- •Collaboration includes over 30 global banks.
Swift has announced a partnership with Consensys and over 30 global banks to develop a blockchain-based settlement system for 24/7 cross-border payments.
This initiative supports tokenized asset transfers, aiming for interoperability with existing financial systems, potentially shifting the landscape for global transactions.
Swift has announced a collaboration with Consensys and over 30 global banks to create a blockchain-based settlement system. This initiative will facilitate instant 24/7 cross-border payments and support tokenized asset transfers.
The project leverages Swift's expertise in financial messaging and Consensys' blockchain development acumen. The collaboration strives to integrate legacy and digital financial systems, ensuring streamlined interoperability and innovative infrastructure.
This partnership could redefine payment systems across industries, enhancing efficiency and cost‑effectiveness in global transactions. The collaboration promises to improve liquidity, speed, and reliability for financial stakeholders worldwide.
Swift is integrating a blockchain‑based shared ledger to enable real‑time, 24/7 cross‑border payments. The system, developed with Consensys and over 30 global banks, will support tokenised asset transfers and smart contract validation." - Javier Pérez‑Tasso, CEO, Swift
The system's focus on tokenized assets and blockchain‑based problem‑solving potentially impacts blockchain‑validation mechanisms, promoting confidence and growth in novel financial instruments.
Experts foresee significant implications in traditional financial markets as they adapt to digital‑led infrastructures. This transition signals an industry‑wide shift towards more accessible financial processes and improved transaction timelines. The project's relationship with Ethereum platforms highlights its potential to encourage broader acceptance and innovation in blockchain applications. With primary player participation, strategic moves are expected in financial settlement and regulatory oversight areas.