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)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada Swift to enable 24-hour payments using blockchain technology apareció primero en Bitfinance.