SWIFT Partners With 30 Banks To Build Blockchain-based Ledger Payments
Leading payment messaging system SWIFT has partnered with over 30 banks to provide blockchain-based ledger payments. SWIFT announced the latest development on Monday during the Sibos conference in Frankfurt. The initiative aims to expand and leverage blockchain technology to deliver real-time, secure, 24/7 cross-border transactions. The payment messaging service confirmed that the development is in its early stages. They revealed that they are starting with a conceptual prototype by Consensys and will advance from thereon. The ongoing development is titled SWIFT phase one, and the next round of blockchain development will begin after the first phase is complete. Also Read: US Treasury’s Gold Reserves Have Surpassed $1 Trillion in Value “SWIFT will work at pace to complete the prototype in phase one and define its future phases of work,” the blockchain-based ledger announcement notes. The payment firm confirmed that organizations from over 16 countries will provide feedback and support...