Swift launches a 24-hour cross-border money transfer blockchain network, engaging 17 banks to test real-world transactions.

Swift has launched a blockchain network for 24/7 cross-border money transfers, engaging 17 banks to test real-world transactions, aiming to bridge the gap between traditional financial systems and digital assets.

On July 9, 2569 at 14.00:XNUMX p.m., Bloomberg News reported that Swift is a provider of interbank financial messaging systems that handle millions of transactions per day. revealed that The blockchain network for 24/7 cross-border money transfers is now ready for its first phase of operation.

Society for Worldwide Interbank Financial Telecommunication (Swift) specify that Seventeen leading banks worldwide are preparing to test real-world transactions through a new system that uses tokenized deposits, converting customer account balances into digital tokens on blockchain technology, to enable faster and more efficient money transfers.

Swift's ledger system allows banks to transfer funds to customers even outside of normal business hours, such as at night, on weekends, or public holidays, before final settlement is processed through their existing payment system. Banks participating in the initial pilot program include HSBC, Citigroup, BNY, Standard Chartered, and UBS.

Although banks and financial infrastructure providers have been experimenting with blockchain technology for years, most projects have not yet been widely commercialized. This is because each institution develops its own platform, making it difficult for the various systems to interconnect seamlessly.

However, the financial sector and the cryptocurrency industry are accelerating efforts to address this issue. Last week, over 100 financial companies jointly launched a central stablecoin, a digital asset whose value is pegged to an asset such as the US dollar, and which is becoming increasingly popular for payments.

Earlier in June, a group of major US banks also announced plans to create a joint network operating under The Clearing House to link tokenized deposits to traditional payment systems.

SwiftThe plan to develop this blockchain network was first revealed last September. The long-term goal is to support transactions for various types of digital assets, including stablecoins and tokenized assets.

Swift is currently a critical infrastructure component of the global financial system, connecting over 11,500 banks and financial institutions in more than 200 countries and territories, supporting the messaging of financial transactions worth trillions of US dollars every day.

refer : www.bloomberg.com

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