SWIFT, the messaging system used by financial institutions around the world to transmit instructions for tens of millions of transactions every day, is testing blockchain. From the report: The Society for Worldwide Interbank Financial Telecommunications, or SWIFT for short, is piloting the project with fintech company Symbiont, according to a Bloomberg report. The collaboration, which includes Citigroup, Vanguard and Northern Trust, aims to improve the effectiveness of reporting on important corporate events such as dividend payments and mergers, SWIFT said in a statement. As the world’s financial artery, SWIFT delivers secure messages between 11,000 companies in more than 200 countries and territories, channeling trillions of dollars in transactions. The operation attracted a lot of attention earlier this year, when war broke out in Ukraine after the Russian invasion. The US and Europe have cut off a number of Russian banks from SWIFT, hurting their efforts to move money and work around the world.
Financial messaging system SWIFT is piloting a blockchain project
