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Swift Partners with 30 Institutions to Develop Blockchain Ledger for Cross-Border Payments

Swift is collaborating with over 30 global banks to build a blockchain ledger using smart contracts, aiming to streamline tokenized asset circulation and enhance cross-border payments.

Summary

Swift has partnered with more than 30 global banks to develop a blockchain-based ledger system designed to improve large-scale tokenized asset circulation and address fragmentation in digital finance. The ledger will incorporate smart contracts to record and validate transactions, aiming to enhance cross-border payment efficiency and facilitate 24/7 operations. This initiative marks a major step in expanding financial infrastructure through distributed ledger technology.

Terms & Concepts
  • Blockchain ledger: A distributed database maintained across multiple nodes, enabling secure, transparent, and immutable transaction recording without reliance on a central authority.
  • Smart contract: A self-executing blockchain code that automatically enforces and executes agreements based on predefined conditions.
  • Tokenized asset: A real-world or digital asset represented on a blockchain, allowing fractional ownership and streamlined transfer between parties.