SWIFT partners with over 30 global banks to launch a blockchain ledger to support 24/7 cross-border payments.

Recently, global financial communication giant SWIFT announced that it is collaborating with more than 30 of the world's top financial banks and blockchain technology company Consensys to jointly develop a shared digital ledger based on blockchain technology, fully committed to building an instant, around-the-clock cross-border payment system.

Based in Belgium, the non-profit cooperative organization SWIFT connects banks around the world closely through its secure messaging network and takes on the important mission of initiating international payments.

As a payment network connecting over 220 countries and regions globally and more than 11,500 financial institutions, SWIFT handles cross-border transaction volumes of approximately $150 trillion each year.

The prototype of the system was developed with the participation of Consensys, a company founded by Ethereum co-founder Joseph Lubin. The first phase of the prototype design has been completed, and the future stages of work have been determined.

SWIFT CEO Javier Pérez-Tasso stated in a statement that through this innovative project, financial institutions will be able to leverage SWIFT's mature systems to significantly enhance the payment experience, thereby becoming a core driving force in promoting the digital transformation of the industry.

It is worth noting that the project has attracted participation from top global banks, including JPMorgan Chase, Bank of America, and Citigroup.

Currently, banks from 16 countries have actively joined the system testing and provided valuable feedback. After successful development and proof of concept, Swift will collaborate with the global community for implementation.

In addition to building a new blockchain ledger system, SWIFT also plans to enhance the interoperability features between systems, allowing banks to achieve seamless integration between traditional fiat currency tracks and emerging digital systems.

The core of the SWIFT strategy is to maintain an excellent payment experience while upgrading the fiat currency track in innovative ways to adapt to the ever-changing financial ecosystem, aiming to be well-prepared for the digital finance era.

In summary, this series of measures indicates that traditional financial infrastructure is integrating blockchain technology with an unprecedented open attitude, which also suggests that the global payment system is expected to undergo a blockchain-style financial revolution in the future.

#SWIFT blockchain ledger