Global Traditional Finance (Tradfi) Swift system says it adds a blockchain-based ledger to its network.
Swift is working on a group of over 30 financial institutions to generate a ledger who can make cross-border payments 24/7, based on a prototype of Ethereum developers’ developers, According to an announcement on Monday.
“The Ledger will expand the role of Swift’s financial communication in a digital environment, facilitating the movement of banks of regulated tokenized value throughout the digital ecosystem,” Swift said.
Swift is a messaging system that supports international bank transactions and is used by more than 11,000 financial institutions in more than 200 countries.
Facing these suggestions Can be done without being used By adopting digital assets, especially stablecoins, Swift has been Experiment with blockchain and tokenization technology for years To try and get to the front of the foot against this potential interference.
Swift said the ledger would be acting as a real-time log of transactions between financial institutions, records, sequences and validation of transactions and implementing its policies through intelligent contracts.
