SWIFT Trials Blockchain Payments, Introducing Competition for Ripple

TLDR SWIFT is testing blockchain-based transactions using Ethereum Layer 2 platform Linea. The pilot involves major banks including BNP Paribas and BNY Mellon. SWIFT aims to reduce costs and enhance transparency by combining payment instructions and settlement in one on-chain transaction. The pilot could challenge Ripple’s cross-border payment model by offering a blockchain-based solution for [...]

The post SWIFT Trials Blockchain Payments, Introducing Competition for Ripple appeared first on Blockonomi.