Global Traditional Finance Payment System (Tradfi) Swift said he is adding a bigger book based on Blockchain to his network.
Swift is working with a group of more than 30 financial institutions to build a major book that could make cross -border payments 24 hours a day, 7 days a week, based on a prototype of Ethereum Connsys developers, according to an announcement on Monday.
“The main book will extend Swift’s financial communication role to a digital environment, facilitating the movement of tokenized value banks regulated in digital ecosystems,” 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 suggestions that it could become obsolete through the adoption of digital assets, particularly established, Swift has been experiencing with blockchain technology and tokenization for several years to try to put on the front foot against this possible interruption.
Swift said it provides that the main book will act as a real -time transactions record between financial institutions, records, sequencing and transaction validation and applying its rules through intelligent contracts.
