Global Traditional Finance (Tradfi) Payments System Swift said it adds a blockchain-based headbok to its network.
SWIFT is working with a group of over 30 financial institutions to build an headbook that could make cross-border payments 24/7, based on a prototype of Ethereum developers Consensys, according to a message on Monday.
“Ledger will expand Swift’s economic communication role to a digital environment and ease Banks’ movement of regulated tokenized value across digital ecosystems,” Swift said.
Swift is a messaging system that supports international banking transactions and is used by more than 11,000 financial institutions in over 200 countries.
To suggest that it could be made outdated by the adoption of digital assets, especially stableecoins, SWIFT has been experimenting with blockchain technology and tokenization for several years to try to get on the front foot against this potential disturbance.
SWIFT said it imagines that the main book will act as a real -time log over transactions between financial institutions, registration, sequencing and validation of transactions and enforcing its rules through smart contracts.
