Swift Prepares Blockchain Ledger for Cross-border Payments
Swift announced its blockchain shared ledger is ready, aiming to support banks in 24/7 cross-border payments. The system will serve as a 'security orchestration layer' for bank tokenized deposits, helping banks facilitate funds transfer outside business hours and enhancing payment efficiency in cross-border trade.
What are the key facts?
- 1Technology application: blockchain shared ledger
- 2Participating institutions: 17 global banks
- 3Core function: 24/7 cross-border payments
What happened?
Swift announced its blockchain ledger is ready for preliminary use, with 17 global banks preparing for pilot real-time transactions. The technology aims to support banks in tokenized cross-border payments during weekends and nights while maintaining existing compliance and control standards.
What does this mean for cross-border sellers?
Future cross-border payments will become more efficient and unrestricted by time, allowing sellers to expect faster cash flow and reduce capital occupancy costs in cross-border trade.