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SWIFT Partners with BNY Mellon to Build Blockchain Ledger for Cross-Border Payments

The collaboration seeks to streamline international transactions and expand the use of tokenized assets through a blockchain-based system.

Summary

SWIFT is partnering with BNY Mellon to create a blockchain-powered ledger designed to enhance cross-border payment efficiency and support tokenized assets. This partnership reflects ongoing efforts among traditional financial institutions to integrate blockchain technology for faster, more secure, and transparent global transactions.

Terms & Concepts
  • Blockchain: A decentralized digital ledger that records transactions securely across multiple computers.
  • Tokenized assets: Real-world assets represented digitally on a blockchain, enabling easier trading and settlement.
  • Cross-border payments: Financial transactions involving parties in different countries, often enhanced by digital ledger technology for speed and transparency.