SWIFT Initiates Blockchain Ledger Pilot with 17 Global Banks

SWIFT has announced the launch of a blockchain-based ledger pilot involving 17 global banks. This initiative aims to test the use of tokenized deposits for round-the-clock cross-border settlements.

The participating banks include major financial institutions such as HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered. The pilot program is designed to explore the potential of blockchain technology in enhancing the efficiency and speed of international transactions.

This move marks a significant step for SWIFT as it integrates blockchain technology into its infrastructure stack, aiming to accelerate and scale the benefits of digital finance. The pilot will focus on the practical application of tokenized deposits, which are expected to streamline the settlement process across borders.

The outcome of this pilot could have substantial implications for the global banking industry, potentially setting new standards for cross-border transactions.

Sources

Leonard Kravets

cryptocurrency journalist and market analyst focused on the intersection of blockchain, culture, and real-world adoption. Known for his clear, data-driven writing style, he covers emerging altcoins, DeFi trends, and the risks behind hype-driven projects. With a strong emphasis on education, transparency, and spotting potential scams before they spread.

Sources

Leonard Kravets

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