SWIFT Payment System Embraces Blockchain Technology

According to a report by Bloomberg, citing a post from the body, the payment enhancement will be in collaboration with Symbiont Inc, a blockchain start up with innovative fintech solutions.

Society for Worldwide Interbank Financial Telecommunications (SWIFT) is an extensive messaging network that banks, and other financial institutions use to send and receive information, such as money transfer instructions quickly, accurately, and securely.

The SWIFT blockchain pursuit will be used to create “efficiencies in communicating significant corporate events,” like dividend payments and mergers, SWIFT said in its post.

The collaboration with Symbiont, Vanguard, Citigroup, and Northern Trust will see SWIFT automate corporate action workflow using Symbiont’s technology platform, Assembly.

The connections through Assembly will make the system faster, convenient, and more functional with the support of its embedded smart contracts.

“By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s extensive network, we’re able to automatically harmonize data from multiple sources of a corporate action event,” said Tom Zschach, chief innovation officer at SWIFT.

“This can lead to significant efficiencies.”

The deal brings together the compatibility of SWIFT’s technology with Symbiont’s blockchain tech footing to take global transaction communications a step further.

SWIFT presents one of the most robust financial messaging infrastructures for companies worldwide.

More than 11,000 global SWIFT member institutions sent an average of 42 million messages daily through the network in 2021, marking an increase of 11.4% over 2020.

The SWIFT payment system currently has over 11,000 users spread across 200 countries.

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Source: SWIFT, Bloomberg, Techstory, Blockchair, Blockchain News, InvestoPedia

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