Swift is set to integrate a blockchain-based ledger into its systems, focusing initially on cross-border transactions. The project, developed in collaboration with Consensys, will involve over 30 financial institutions to streamline payment processes across different networks.
SWIFT has launched a new initiative aimed at accelerating payment investigations by utilizing the ISO 20022 messaging standard. This effort is designed to enhance the efficiency and clarity of cross-border payment processes, ultimately benefiting financial institutions and their customers.