Swift collaborates with Consensys to develop cross-border payment blockchain prototype

According to Foresight News, according to The Block, the global financial information network Swift announced that it will integrate a shared ledger based on blockchain into its infrastructure. The first focus of the program will be on real-time, 24-hour cross-border payment use cases. Swift said it will formally design a shared ledger based on a "concept prototype" developed with Consensys. Although no further details of Swift’s collaboration with Consensys were disclosed in the release, news last week showed that Swift is actively trying to migrate its system to the chain using Consensys’ second-tier Ethereum solution Linea. The ledger is expected to record, sort and verify transactions through smart contracts, facilitating secure real-time transactions of compliant tokenized value, while focusing on interoperability with existing and emerging financial systems to ensure Swift complies with compliance standards. In addition, Swift has partnered with more than 30 financial institutions to obtain feedback on the reconciliation books and support follow-up implementation, including Bank of Santander, Bank of America, BNP Paribas and HSBC.
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