Home CryptocurrencyBitcoin SWIFT and Symbiont announce blockchain pilot project for corporate data

SWIFT and Symbiont announce blockchain pilot project for corporate data

by SuperiorInvest

Society for Worldwide Interbank Financial Telecommunications (SWIFT) published on Tuesday partnered with fintech company Symbiont to provide more accurate data for financial firms through blockchain technology.

Companies participating in the initiative include Vanguard, Citigroup, American Century Investments and Northern Trust.

According to the announcement, the pilot project “could help providers distribute near-real-time data to global management clients.” Through Assembly, Symbiont’s proprietary technology platform, smart contracts will be used “to create a network effect that will benefit more than 11,000 SWIFT-connected institutions worldwide.”

In 2017, Symbiont partnered with Vanguard to improve the distribution of price index data via blockchain, consuming $1.3 trillion worth of fund data at the time.

“By combining Symbiont Assembly contracts and smart contracts with SWIFT’s vast network, we are able to automatically harmonize data from multiple sources of business action,” said Tom Zschach, chief innovation officer at SWIFT, adding that Assembly’s smart contract will allow “to compare information shared between participants and flag discrepancies, contradictions or inconsistencies between administrators.”

With the rise of central bank digital currencies (CBDCs), the company is struggling to maintain its prominence in the international economic order. In 2017, the interbank cooperative launched its global payments innovation, gpi, which seeks to improve payment tracking and fee transparency, enabling customers to send cross-border payments 24 hours a day.

In February, the European Commission decided disable the SWIFT network for several Russian banks due to the war in Ukraine. Recently, in a panel session at the Blockchain Central Davos conference, Michael Miebach, CEO of Mastercard, he said not expecting SWIFT is unlikely in five years. Founded in 1973, SWIFT processes more than five billion financial messages a year and is present in 200 countries.

Source Link

Related Posts

%d bloggers like this: