Ripple XRP Rival Swift Set To Build Blockchain-Based Settlement System For 24/7 Cross-Border Payments ⋆ ZyCrypto
The post Ripple XRP Rival Swift Set To Build Blockchain-Based Settlement System For 24/7 Cross-Border Payments ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement     Global traditional finance payments system Swift has joined forces with Joe Lubin’s Ethereum development company Consensys to develop a blockchain-based settlement network. Swift Taps Consensys For Blockchain-Based Ledger According to a Monday official announcement, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is creating a blockchain in collaboration with over 30 financial institutions, including Banco Santander, Bank of America, BNP Paribas, and HSBC, based on a “conceptual prototype” by Consensys. The initiative’s first focus is on developing infrastructure for real-time 24/7 cross-border transactions of regulated tokenized value, using smart contracts to record, sequence, and validate transactions. One of the goals of the new blockchain ledger will be interoperability with “existing and emerging networks,” while also maintaining Swift’s compliance standards. “The ledger will extend SWIFT’s financial communication role into a digital environment, facilitating banks’ movement of regulated tokenized value across digital ecosystems,” the press release reads. According to Swift, the ledger will support the exchange of tokenized assets, though central and commercial banks will eventually determine the types of tokens. Advertisement   SWIFT does not directly move money itself but is rather a messaging network that supports international bank transactions, which is used by over 11,500 banks and other financial institutions in over 200 countries. “Through this initial ledger concept, we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation,” opined Swift CEO Javier Pérez-Tasso at the Sibos conference in Frankfurt. Can Ripple Provide A Better Alternative To SWIFT? There have long been suggestions that Swift’s usefulness could decline owing to the growth in use of crypto and blockchain technology. Back in 2018, just a few years before the U.S. Securities and Exchange Commission dropped…
The post Ripple XRP Rival Swift Set To Build Blockchain-Based Settlement System For 24/7 Cross-Border Payments ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement Global traditional finance payments system Swift has joined forces with Joe Lubin’s Ethereum development company Consensys to develop a blockchain-based settlement network. Swift Taps Consensys For Blockchain-Based Ledger According to a Monday official announcement, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is creating a blockchain in collaboration with over 30 financial institutions, including Banco Santander, Bank of America, BNP Paribas, and HSBC, based on a “conceptual prototype” by Consensys. The initiative’s first focus is on developing infrastructure for real-time 24/7 cross-border transactions of regulated tokenized value, using smart contracts to record, sequence, and validate transactions. One of the goals of the new blockchain ledger will be interoperability with “existing and emerging networks,” while also maintaining Swift’s compliance standards. “The ledger will extend SWIFT’s financial communication role into a digital environment, facilitating banks’ movement of regulated tokenized value across digital ecosystems,” the press release reads. According to Swift, the ledger will support the exchange of tokenized assets, though central and commercial banks will eventually determine the types of tokens. Advertisement SWIFT does not directly move money itself but is rather a messaging network that supports international bank transactions, which is used by over 11,500 banks and other financial institutions in over 200 countries. “Through this initial ledger concept, we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation,” opined Swift CEO Javier Pérez-Tasso at the Sibos conference in Frankfurt. Can Ripple Provide A Better Alternative To SWIFT? There have long been suggestions that Swift’s usefulness could decline owing to the growth in use of crypto and blockchain technology. Back in 2018, just a few years before the U.S. Securities and Exchange Commission dropped…
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