SWIFT, or a Society for Worldwide Interbank Financial Telecommunication, is a co-operative organization that is the provider of the SWIFT network — a standard for exchanging transaction information between financial institutions. SWIFT was founded in 1973 in Belgium. SWIFT is currently used by most international banks and is famous for its secure and trusted network. That being said, SWIFT has its flaws and is investing in the further development the system. With multiple blockchain competitor companies like Ripple, which plans to speed up and establish the highest level of security in banking transactions, SWIFT is actively working on implementing blockchain technology into their protocol. SWIFT’s blockchain tests have already been conducted and have showed very good results. However, SWIFT’s team concluded that distributed ledger technology should be improved in order for it to be implemented into the international banking system.
SWIFT will enable blockchain-based platforms to use its global payments innovation platform.
SWIFT to Allow GPI Payments on Blockchain Platforms
Global financial messaging network SWIFT is carrying out a DLT-based shareholder e-voting proof-of-concept in the first half of this year.
SWIFT, HSBC, Deutsche Bank to Conduct Blockchain-Based E-Voting PoC
U.S. banking giant JPMorgan Chase will begin conducting tests of its bespoke coin in the next several months, an executive said.
JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed Settlements
Major global banking payments network SWIFT announced its collaboration with R3.
SWIFT Announces PoC Gateway With R3, but Remains Overall Hesitant About Blockchain
Iran could soon release its state-backed coin, and Gemini announces it will complete further security compliance reviews.
Hodler’s Digest, Jan. 28 – Feb. 3: Top Stories, Price Movements, Quotes and FUD of the Week
Major global banking payments network SWIFT has revealed it plans to integrate technology from R3.
SWIFT CEO Reveals Plans to Launch PoC Gateway With Blockchain Consortium R3 Tech
Tehran may reveal the identity of a new state-sponsored cryptocurrency at a conference this week.
Iran Soon to Unveil Cryptocurrency With Aim to Skirt US and SWIFT: Source