Swift Exploring Blockchain Interoperability with Major Global FIs

Belgium
Uncategorized
Blockchain, Payments, Technology

(6 June 2023 – Belgium) To remove friction from tokenised asset settlement, Swift is collaborating with global banks to test how financial institutions (FIs) can use their Swift connection to seamlessly interoperate with the multitude of blockchain networks emerging.

In a new set of experiments, Swift will collaborate with more than 12 major FIs including ANZ, BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds, SIX Digital Exchange (SDX) and The Depository Trust & Clearing Corporation (DTCC) to test how firms can leverage their existing Swift infrastructure to efficiently instruct the transfer of tokenised value over a range of public and private blockchain networks.

The next set of industry experiments is designed to show how Swift’s infrastructure can be leveraged to facilitate interoperability, enabling tokenised value to be transferred between existing systems and both public and private distributed ledger technology (DLT) platforms with existing connectivity, standards, and messaging.

“There’s unlikely to be a single prevailing blockchain network. We would expect to see a multitude of different platforms emerging, each serving different customer segments with their own bespoke capabilities and requirements. In such a highly fragmented ecosystem, it would simply not be feasible for financial institutions to connect to each and every platform individually. That’s why the community is working with Swift to develop an interoperability model that would enable access to different platforms globally” commented Swift CIO Tom Zschach.

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