SWIFT’s New Blockchain Pilot Aims to Increase Efficiency Around Corporate Events

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Leading secure financial messaging system SWIFT is testing blockchain in a pilot project with fintech company Symbiont Inc.

Previously, SWIFT explored ways to enter the central bank digital currency space.

The SWIFT Blockchain Experience

The collaboration aims to improve the efficiency of transmitting data related to corporate events such as dividend payments and mergers, a Bloomberg report said, adding that Citigroup, Vanguard and Northern Trust will also participate in the project.

“By combining Symbiont’s assembly and smart contracts with SWIFT’s vast network, we are able to automatically harmonize data from multiple sources of a corporate event,” said Tom Zschach, Director of innovation at SWIFT.

The experiment will focus on data tracking and transparency to identify discrepancies, the cover said.

Based in Belgium, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a leading provider of secure financial messaging systems. It is a member-owned cooperative that facilitates interbank money transfers both domestically and internationally.

SWIFT connects more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories.

Closely monitor digital assets

In May, SWIFT announced that it was working with French IT services and consulting firm Capgemini on CBDC interoperability. The goal of the experiment is to leverage digital currency for “frictionless” cross-border transactions. Through this pilot, SWIFT aimed to address three use cases: CBDC to CBDC, fiat to CBDC and CBDC to fiat.

The financial messaging system is also exploring interoperability between other digital agencies and currencies.

In December, SWIFT announced plans to enter the asset tokenization market, which it estimates will exceed $24 trillion by 2027. As the tokenization of illiquid assets such as stocks, bonds, commodities, and real estate becomes increasingly popular, banks and securities houses are responding to the latest trend. SWIFT aims to leverage splitting to improve liquidity and accessibility.

“SWIFT is planning a series of experiments in the first quarter of 2022 leveraging its trusted role as a central platform to explore issuance, delivery versus payment (DVP) and redemption processes to support a market frictionless and transparent tokenized assets,” he said in a report.

Fight for faster and cheaper bank transfers

The fight for better, faster and cheaper bank transfers has intensified, with some blockchain companies aggressively eating away at the dominance of SWIFT, which has processed 7.633 billion financial messages so far this year and is expected to break the 10 mark. billion.

However, with the growing interest in cryptocurrencies, CBDCs and stablecoins, some analysts believe that SWIFT’s relevance may decline in the near future. In early 2019, Ripple Labs CEO, Ripple Brad Garlinghouse announced that XRP was closing the gap with SWIFT in this space.

“What Ripple does every day is take over Swift. Currently, we have signed up over 100 Swift-enabled banks that are now using Ripple technology. The technology used by banks today that Swift developed years ago hasn’t really evolved or even kept up with today’s market,” Garlinghouse said.

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