Swift System launches blockchain platform in partnership with 17 banks

Swift, a global financial information exchange system, announced that its proprietary blockchain is ready for its first use cases. The 17 banks are participating in the project, including the Brazilian Itaú, to carry out cross-border payments with digital assets.

The platform was announced last year by Swift and the construction process took nine months.

"The shared ledger provides participating banks with a secure orchestration layer, allowing them to move funds to customers - including overnight and weekends - before completing final settlement," notes the system.

Banks that will pilot live initial transactions on the ledger include: ANZ, BNP Paribas, BNY, Citi, DBS, First Abu Dhabi Bank (FAB), FirstRand Bank Limited, HSBC, Itaú Unibanco, Lloyds Bank, Mashreq, MUFG Bank, OCBC, Standard Chartered, UBS, UOB and Wells Fargo.

Swift is an infrastructure that moves the equivalent of the world's GDP (Gross Domestic Product) every two or three days between more than 200 markets. More than 11 thousand organizations use the platform.

The use of blockchain, the same system in which cryptocurrencies and stablecoins circulate, is seen as a step towards bringing more speed to cross-border transactions.

Source: CNN