Swift to enable 24-hour payments using blockchain technology
The Swift financial messaging system has adopted blockchain technology to enable 24-hour payments, in an initiative involving 16 international banks
The international payments network Swift, headquartered in Belgium, announced the adoption of blockchain technology to enable 24-hour transactions. This ambitious move will allow it to compete in the cryptocurrency sector.
According to the announcement, Swift will work with 16 international banks to enable tokenized fund transfers; “that is, digital representations of money that can be programmed for specific uses.”
Participating entities include Citi, HSBC, UBS, BNP Paribas, BNY Mellon, Standard Chartered, MUFG, ANZ, DBS, and Lloyds.
The company is focused on enabling payments to be processed “at any time, including weekends, without depending on traditional bank clearing schedules.”
M.Pino
Source: findevgateway
(Reference image source: Shubham Dhage on Unsplash)
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