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Swift will add a Blockchain ledger to its infrastructure to enable round-the-clock cross-border payments for global Financial Institutions.
On September 29, Bloomberg reported that the Society for Worldwide Interbank Financial Telecommunication (Swift) announced in a statement on Monday that it will add a blockchain-based ledger to its infrastructure, and has begun work on the design and construction of this ledger in collaboration with over 30 global financial institutions, including JPMorgan Chase, HSBC Holdings, Bank of America, and Deutsche Bank. The first prototype will focus on real-time, 24/7 cross-border payments and will be built using technology from ConsenSys, a U.S. blockchain software company led by Ethereum co-founder Joseph Lubin.