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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...

BRICS is spreading the de-dollarization initiative around the world, but the majority of countries are rejecting the idea by increasingly using the US dollar for trade settlements. While countries that are like-minded to BRICS are considering de-dollarization, the majority of nations don’t align with the initiative. Also Read: BRICS: U.S. Dollar Crisis Could Begin in 2025 The latest data from SWIFT payment messaging system shows that trade settlements in the US dollar have increased by 9%. That’s the most in 12 years despite BRICS trying to convince other countries to ditch the US dollar through de-dollarization. The share of the US dollar’s global payments has touched a record 49% in 2024, the highest in 12 years. Also Read: Local Currency That Challenged the US Dollar Fails, Dips 40% BRICS De-Dollarization Fails: Payments in US Dollar Surges 9%, Euro Dips 18% Source: Forbes / iStock While the US dollar’s global payments rose by 9%, the Euro’s share plumme...

Swift, the global messaging network for international payments, has shared key findings from its recent experiments on blockchain compatibility. Working alongside major financial institutions and Chainlink, Swift set out to showcase its potential as a central hub for facilitating the transfer of tokenized asset s across different blockchain s. The trial also roped in leading financial entities, including ANZ, BNP Paribas, and Citi, among others. You might also like: Citi survey: more firms exploring blockchain despite FTX setback Chainlink securely connected the Swift network and Ethereum’s Sepolia testnet via the oracle’s Cross-Chain Interoperability Protocol (CCIP). Exciting news! Together with more than a dozen major financial institutions, we’ve successfully shown how the #Swift network can facilitate the transfer of tokenised assets across multiple public & private #blockchains. 𝗟𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲: https://t.co/L0o6meHXfd pic.twitter.com/VVtt1VnJZc ...