SWIFT Initiates Blockchain Ledger Trials with Citi and MUFG for 24-Hour Payments
- Published
- Source
- Nikkei.com
SWIFT has commenced trials of a blockchain digital ledger designed for continuous cross-border transfers between banks. This initiative aims to enhance transaction speed and reduce fees, potentially facilitating the broader adoption of tokenization in the financial sector.
The significance of this development lies in SWIFT's goal to enable real-time transfers, even during bank branch closures. By leveraging blockchain technology, the financial messaging network seeks to address the growing demand for faster and more cost-effective payment solutions in an increasingly digital economy.
Looking ahead, the success of these trials could pave the way for more widespread implementation of blockchain in cross-border payments. No further timeline was disclosed at the time of publication.
Original report
SWIFT's blockchain ledger enters tests with Citi, MUFG for 24-hour cross-border payments
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