Technology

SWIFT Financial-Messaging System Pilots Blockchain Project

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 US and Europe cut a number of Russian banks from SWIFT, hurting their efforts to move money and operate globally. With the latest pilot project, SWIFT will automate corporate action workflow using Symbiont’s technology platform called Assembly, it said in the post. SWIFT will use the platform’s smart contracts and blockchain capabilities to “create a network effect that leverages our 11,000 plus institutions connected to SWIFT globally,” it said.

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