Is swift testing blockchain?

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.

Is Swift trying to make a blockchain 'billions a day'?

Some of Swift’s own members are also challenging it. JPMorgan, for example, is developing a particularly bold blockchain initiative system called Onyx with a messaging system called Liink. This is already moving “billions each day’, according to officials.

What is swift and how does it work?

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. Under the effort, corporate action data from SWIFT messages will be translated by SWIFT’s translator tool and uploaded in Symbiont’s blockchain.

Who is swift & chainlink?

The agreement between crypto native Chainlink and traditional finance stalwart Swift, a.k.a. Society for Worldwide Interbank Financial Telecommunication, comes as the Securities and Exchange Commission is suing top crypto exchanges Binance and Coinbase.