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Swift Goes Blockchain: Banking Giant Builds Own Network
20 Dec
Summary
- Swift is building its own blockchain-based ledger for efficient payments.
- Javier Pérez-Tasso leads Swift's surprising pivot to blockchain.
- Over 30 financial institutions are collaborating on the new network.
Swift, the venerable banking utility responsible for trillions in daily global transactions, has embarked on a significant technological shift by developing its own blockchain network. This initiative, spearheaded by CEO Javier Pérez-Tasso since his 2019 appointment, marks a surprising pivot for the institution known for its traditional infrastructure.
The company's move into distributed ledger technology has been a gradual but deliberate process. A key pilot program in 2022 connected global banks to various blockchain networks. However, the most significant development occurred this year with the announcement of a collaborative effort with over 30 financial institutions to construct a proprietary blockchain ledger.
This new ledger is designed to enhance cross-border payments, making them more efficient and available 24/7. Swift's bold step into building its own blockchain underscores the growing need for financial institutions to remain agile and embrace new technologies to stay competitive and address the 'blockchain disintermediation' threat.
