- SWIFT has joined with over 30 major banks to offer blockchain-based payments.
- The initiative was announced during the Sibos conference in Frankfurt.
- Development starts with a prototype by ConsenSys and is in the first phase.
- Financial institutions from 16 countries are supporting the project and giving feedback.
- Banks involved include Bank of America, JPMorgan Chase, Deutsche Bank, Citi, and HSBC.
SWIFT has announced a new partnership with over 30 financial institutions to develop blockchain-based payments. The company shared this update Monday at the Sibos conference in Frankfurt. The plan aims to leverage blockchain technology for faster, more secure, and continuous cross-border transactions.
The payment platform confirmed that it is launching the project with a conceptual prototype designed by Consensys. This initiative, called SWIFT phase one, is at an early stage, with further development planned after the first phase. The company said it intends to finish the prototype as quickly as possible and define next steps.
In a public statement, SWIFT said that financial institutions from 16 different countries are involved in offering feedback on the blockchain ledger’s design. “Financial institutions from 16 countries are providing SWIFT feedback on the design of the (blockchain) ledger, and, following successful development and proof of concept, SWIFT will work with its global community on implementation,” the announcement stated. The group will expand after successful completion of the initial phase.
The project includes support from leading banks and financial organizations such as Bank of America, JPMorgan Chase, Deutsche Bank, Citi, HSBC, Santander, BNP Paribas, Wells Fargo, and many others. The initiative is designed to create a robust payment network that works around the clock by using blockchain’s decentralized ledger system, making global transactions more efficient.
SWIFT’s move comes as blockchain technology continues to gain momentum in the financial sector. By collaborating with major banks and using new technology, SWIFT is positioning itself to improve the speed and security of cross-border payments. For more details, see the official SWIFT announcement.
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