SWIFT, the messaging system used by financial institutions globally to convey instructions on tens of millions of transactions each day, is testing out blockchain.
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT for short, is piloting a project with fintech company Symbiont Inc., according to a post seen by Bloomberg. The collaboration, which includes Citigroup Inc., Vanguard, and Northern Trust, is aimed at driving "efficiencies in communicating significant corporate events" like dividend payments and mergers, SWIFT said in its post.
As a global financial artery, SWIFT delivers secure messages among 11,000 companies in over 200 countries and territories, directing trillions of dollars in transactions. The operation gained much attention earlier this year as war broke out in Ukraine following Russia's invasion. The U.S. and Europe cut a number of Russian banks from SWIFT, hurting their efforts to move money and operate globally.
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