cryptoknowmics.com
The messaging platform SWIFT, used by financial institutions to transmit instructions on daily transactions totaling tens of millions of dollars, is currently testing blockchain. Publicly traded corporations rely on human methods to inform stakeholders about company actions. In addition, it was noted in the post that there are numerous intermediaries involved in information transfer.
Symbiont Inc. Piloting a Project With SWIFT
The fintech firm Symbiont Inc. is piloting a project with the Society for Worldwide Interbank Financial Telecommunication or SWIFT. The partnership, which also involves Citigroup Inc., Vanguard, and Northern Trust, intends to improve "efficiency in communicating key corporate events," such as dividend payments and mergers, according to a post by SWIFT. To improve the dissemination of price index data using blockchain in 2017, Symbiont teamed up with Vanguard and utilized data from $1.3 trillion worth of funds. The corporation has been attempting to stay relevant in the global economic system in light of the advent of Central Bank Digital Currencies (CBDCs). The interbank cooperative introduced its global payments innovation, GPI, in 2017 to improve fee transparency and tracking while enabling clients to transmit cross-border payments at any time. Due to the conflict in Ukraine, the European Commission decided in February to deactivate the SWIFT network for several Russian banks.
Operations In 200 Nations
The CEO of Mastercard, Michael Miebach, stated during a panel discussion at the Blockchain Central Davos conference that SWIFT is unlikely to disappear in the next five years. Since its founding in 1973, SWIFT has operated in 200 nations and processes more than five billion financial messages annually. Two weeks before the pilot project's introduction, SWIFT released a predictive data intelligence tool that alerts users to potential international payment issues before sending. Banks can use this solution through an application programming interface (API) as an enhanced component of SWIFT's Payment Pre-validation service.