How can blockchains be used in a banking system?
SWIFT and Symbiont are collaborating to enhance the information’s accuracy, with the help of blockchain technology.
As the adoption of cryptocurrencies increases across the world, and Central Bank Digital Currencies (CBDC) are merging, SWIFT makes a move to maintain its accuracy and the relevancy for the future.
Being one of the most important elements in the banking system, SWIFT was established in 1973 and it currently controls over five billion financial messages a year. Its occupancy spans in 200 countries.
This communication system processes billions of transactions a year and aims to maintain its importance by collaborating with new technologies.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is seeking to supply more precise data for financial firms, with the help of blockchain technology. Collaboration is being supported by big players like Vanguard, Citigroup, American Century Investments and Northern Trust.
The collaboration is aiming to explore the possibilities of using a mutual language for cross-border transactions and aspires to integrate smart contracts with SWIFT’s vast network, in order to efficiently coordinate the information that enters its system from multiple sources. Symbiont’s Assembly smart contract will provide the ability to compare the shared information between the contributors and point out any divergence, deviations or inconsistencies across custodians.
In the announcement, SWIFT stated that the partnership is planning to transfer accurate and real time data to customers under their responsibility.
In 2017, Symbiont also collaborated with the investor advisor group Vanguard to revamp the distribution of price index data with the help of blockchain, absorbing data from funds worth $1.3 trillion at that time.
Furthermore in 2017, the interbank cooperative established its global payments’ innovation, gpi, with the goal of enhancing the quality of payment tracking and to create transparency in fees, allowing cross-border payments to be sent 24 hours a day.
analyst opinion
Eda Tutkun
As the adoption of cryptocurrencies increases across the world, and Central Bank Digital Currencies (CBDC) are merging, SWIFT makes a move to maintain its accuracy and the relevancy for the future.
Being one of the most important elements in the banking system, SWIFT was established in 1973 and it currently controls over five billion financial messages a year. Its occupancy spans in 200 countries.
This communication system processes billions of transactions a year and aims to maintain its importance by collaborating with new technologies.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is seeking to supply more precise data for financial firms, with the help of blockchain technology. Collaboration is being supported by big players like Vanguard, Citigroup, American Century Investments and Northern Trust.
The collaboration is aiming to explore the possibilities of using a mutual language for cross-border transactions and aspires to integrate smart contracts with SWIFT’s vast network, in order to efficiently coordinate the information that enters its system from multiple sources. Symbiont’s Assembly smart contract will provide the ability to compare the shared information between the contributors and point out any divergence, deviations or inconsistencies across custodians.
In the announcement, SWIFT stated that the partnership is planning to transfer accurate and real time data to customers under their responsibility.
In 2017, Symbiont also collaborated with the investor advisor group Vanguard to revamp the distribution of price index data with the help of blockchain, absorbing data from funds worth $1.3 trillion at that time.
Furthermore in 2017, the interbank cooperative established its global payments’ innovation, gpi, with the goal of enhancing the quality of payment tracking and to create transparency in fees, allowing cross-border payments to be sent 24 hours a day.
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