(24 March 2023 – Belgium) Swift Interbank Cooperative announced the successful completion of a pilot project on corporate actions based on blockchain.
The pilot involved six securities industry participants, including American Century Investments, Citi, and Northern Trust with the goal to explore ways to reduce costly frictions associated with communicating significant corporate events to investors.
The testing concluded that the technology could be beneficial for the industry, providing a clear and consistent view of corporate actions. It plans to explore the tech further with its broader community to assess the requirements for a fully viable. The system demonstrated the potential to significantly reduce manual effort and errors in corporate action processing
“Our experiments harnessed the power of blockchain technology to give all market participants a single, accurate view of a corporate action event,” said Swift Chief Innovation Officer, Tom Zschach.
“We will now work closely with our community to assess all the features that are needed for developing a scalable industry-wide solution to this longstanding problem.”