Swift Unveils Blockchain System for 24/7 Cross-Border Payments Bloomberg.com
Swift is responding to increasing demand for faster, more transparent, and cost-effective cross-border payments, alongside the rising adoption of blockchain technology for financial infrastructure.
This move by Swift, a linchpin of global finance, legitimizes blockchain for mainstream financial transactions and accelerates a shift in settlement rails away from legacy systems.
The introduction of a blockchain-based system by Swift offers a clear path to 24/7, near-instant cross-border payments, potentially reducing friction and increasing accessibility for a wide range of financial actors.
- · SWIFT itself
- · Financial institutions (banks, payment providers)
- · Global businesses and e-commerce platforms
- · Blockchain infrastructure providers
- · Traditional correspondent banking models
- · Legacy cross-border payment providers
- · Businesses reliant on slow, high-fee international transfers
Increased efficiency and reduced costs for international remittances and trade finance.
Potential for new financial products and services built on 24/7 settlement capabilities.
Accelerated push by central banks towards digital currencies and new settlement systems, impacting monetary sovereignty.
This signal links to a primary source. Continuum Brief monitors and indexes it as part of the live intelligence stream — we do not republish source content.
Read at Bloomberg — Technology (Google News)