New Cryptocurrency Move from SWIFT!

Today Blockchain technology continues to develop and is used by many corporate companies.

The last corporate name interested in blockchain technology was SWIFT.

According to Bloomberg’s report, SWIFT, the messaging system used by financial institutions globally to transmit tens of millions of transaction-related instructions every day, has started testing the blockchain.

SWIFT also confirmed in its statement that they are conducting Blockchain tests.

Stating that the fintech company Symbiont will pilot the blockchain project, SWIFT said:

“We collaborate with seven securities companies, including American Century Investments, Citi, Vanguard and Northern Trust, to improve efficiency in communicating key corporate events such as dividend payments and mergers.

As part of a new pilot project to further automate and improve the accuracy of the enterprise action workflow, SWIFT will leverage fintech company Symbiont’s technology platform Assembly, using smart contracts and blockchain capabilities to create a network effect that leverages over 11,000 connected institutions. ”

Corporate action data in SWIFT messages within the scope of the initiated project SWIFT It will be translated by its translator and uploaded to Symbiont’s blockchain.

A global financial giant, SWIFT manages trillions of dollars of transactions by sending secure messages between 11,000 companies in more than 200 countries and regions.

SWIFT gained a lot of attention following the Russian invasion of Ukraine earlier this year. However, the USA and European states removed some Russian banks from the SWIFT system as part of the economic sanctions imposed on Russia.

Using Symbiont’s platform, SWIFT blockchain He said his project was being tested in September by a group of pilot participants who would provide feedback.

SWIFT, if the test is successful blockchain plans to expand its technology to include more corporate events.