The Society for Worldwide Interbank Financial Technology (SWIFT), a global financial messaging system has set motion to integrate blockchain technology in partnership with Symbiont, Inc, a technology pioneer that is responsible for solving complex financial problems globally.
Symbiont provides blockchain-enabled networks that link consumers and providers of data through ‘Symbiont Assembly’; the decentralized network’s foundation which enables parties to exchange precise, auditable data in real-time. Symbiont partners with global financial institutions such as Citigroup, Vanguard, and SYNAPS.
According to a Bloomberg report, SWIFT will “create a network effect that leverages 11,000 plus institutions connected to SWIFT globally’’ by making use of Symbiont’s Assembly to automate workflow. Symbiont is therefore looking to make blockchain technology available to firms under its fold to alleviate inefficiencies in the banking sector.
SWIFT’s Chief Innovation Officer, Tom Zschach said in the statement that ‘’the project entails translating corporate action data from SWIFT communications using the SWIFT translator tool and uploading it to Symbiont’s blockchain technology. Then, using Symbiont’s smart contract technology, participants’ shared data will be examined to identify discrepancies, contradictions, or inconsistencies between custodians.’
A small group of people will test the pilot, which is currently being created in September and provide comments. If it is successful, SWIFT will expand it to cover more professional gatherings and think about making it accessible to the entire SWIFT community.
SWIFT’s Push in the Digital Economy
SWIFT is a payment platform well known to perform financial transactions globally.
The majority of safe and international money transfers use SWIFT. In February, 7 Russian Banks were removed from the SWIFT messaging system by the E.U and North Atlantic Treaty Organization (NATO) after the war between Russia and Ukraine erupted to put economic pressure on Vladimir Putin’s forces and persuade the Kremlin to end the hostilities.
MEXC Global started using SWIFT in June to purchase cryptocurrency. MEXC Global agreed that individuals seeking a better cryptocurrency trading experience would benefit from the direct deposit option’s affordability and ease by using the SWIFT platform.