Global firm Swift says its blockchain based payments and transfers network is ready to go while announcing 17 banks* have signed up to help pilot the service. Swift states that it will now support 24/7 payments with tokenized deposits.
The banks using the service are said to benefit from a superior service that is secure and compliant.
Swift reports that the service completes transfers within ten minutes for 75% of the transfers.
Thierry Chilosi, Chief Business Officer at Swift, described the new ledger technology as extending their trust and stability with establishment financial services firms. Chilosi said tokenized value with “move across borders with the velocity and flexibility modern commerce expects. He added that it will create the foundation for agentic commerce.
US CEO of Form3 Dave Scola, said Swift’s announcement was another example of the need for digital money must work alongside existing payment rails.
“The ability to move funds outside of traditional business hours before completing the final settlement through existing systems underscores the importance of interoperability between traditional and digital assets and their underlying infrastructure,” said Scola.
He explained that banks must treat updating their payments rails as a strategic priority.
Swift must update its current systems to adapt to the reality of a digital asset future. The alternative is irrelevance in an increasingly digital world. At the same time, Swift faces significant competition as it defends its market territory.
*Swift’s Pilot Banks:
- ANZ
- BNP Paribas
- BNY
- Citi
- DBS
- First Abu Dhabi Bank (FAB)
- FirstRand Bank Limited
- HSBC
- Itaú Unibanco
- Lloyds Bank
- Mashreq
- MUFG Bank
- OCBC
- Standard Chartered
- UBS
- UOB
- Wells Fargo