Global financial messaging network Swift has launched a blockchain-based shared ledger with an initial set of 16 banks, including Citi and HSBC. The new ledger will allow for the transfer of tokenised funds 24 hours a day, including on weekends.
Blockchain Technology
The launch is part of a push to enable round-the-clock payments and compete with the emerging stablecoin industry. The blockchain ledger will allow for the transfer of tokenised funds, which have the benefit of being programmable for certain uses.
The group of banks involved in the launch also includes UBS, BNP Paribas, BNY, Standard Chartered, MUFG, ANZ, DBS, and Lloyds, among others. Swift said the banks’ involvement showed strong global demand for the system, which will allow banks’ in-house tokenised payments systems to interoperate with those of other institutions.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
