global company Fast While it said its blockchain-based payment and transfer network was ready for use, it also announced that 17 banks* had signed up to help pilot the service. Swift states that it will now support 24/7 payments with tokenized deposits.
It is said that banks using the service will benefit from a superior service that is secure and compatible.
Swift reports that the service completes transfers within ten minutes for 75% of transfers.
Thierry ChilosiSwift’s Chief Operating Officer stated that the new ledger technology increases the trust and stability of established financial services firms. Chilosi said tokenized value will form the basis of brokered commerce, “moving across borders with the speed and flexibility expected of modern commerce.”
US CEO Form3 Dave ScolaHe said Swift’s announcement is another example of how digital money needs to work with existing payment rails.
“The ability to move funds outside of traditional business hours before completing final disbursement through existing systems underscores the importance of interoperability between traditional and digital assets and their underlying infrastructures,” Scola said.
He explained that banks should consider updating payment channels as a strategic priority.
Swift must update its current systems to adapt to the reality of the digital asset future. The alternative is apathy in an increasingly digital world. At the same time, Swift faces significant competition in defending its market territory.
*Swift’s Pilot Banks:
- ANZ
- BNP Paribas
- BNY
- Citi
- DBS
- First Abu Dhabi Bank (FAB)
- FirstRand Bank Limited
- HSBC
- Italy Unibanco
- Lloyds Bank
- Meşrik
- MUFG Bank
- OCBC
- Standard Rented
- UBS
- UOB
- Wells Fargo
