Swift Launches 24/7 Blockchain Payments System
Javier Pérez-Tasso, CEO, Swift, said: "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." source
Banks Aim to Cut Costs with Blockchain
The integration of blockchain by Swift is expected to significantly influence global payment systems. Participating banks have expressed intent to reshape the financial landscape, potentially leading to reduced transaction times and costs for cross-border payments.
Financial experts anticipate that this technological advancement could lead to substantial shifts in liquidity management and settlement processes. Historical patterns suggest that regulatory alignment will play a crucial role in the successful deployment of this infrastructure.
Swift's Blockchain Move Follows Successful Pilots
Swift previously conducted interoperability pilots with Chainlink and Ethereum, demonstrating blockchain's potential in bridging traditional finance and decentralized ledgers. These pilots laid the groundwork for wider blockchain integration.
Kanalcoin analysts highlight that Swift's blockchain endeavor follows a pattern of innovation seen in financial technology. Past trends suggest blockchain could provide a robust framework for optimizing global payments, enhancing security, and speed.