Swift partners with Consensys to build blockchain settlement system

Swift is teaming up with Consensys and over 30 unspecified institutions to build a blockchain-based settlement system for 24/7 real-time cross-border payments.

The Swift interbank communication network is working with Ethereum ecosystem developer Consensys to develop a blockchain settlement system.

According to a Monday announcement, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is developing a blockchain in collaboration with over 30 financial institutions and Consensys. The initial focus is on developing infrastructure for “real-time 24/7 cross-border payments.”

One of the objectives of the new blockchain will be interoperability with “existing and emerging networks,” while also maintaining compliance. Consensys is tasked with developing the conceptual prototype in the first phase and defining the future work phases.

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