Swift has announced its intention to incorporate a blockchain-based shared ledger into its main payment infrastructure. This upgrade aims to facilitate cross-border transactions around the clock, enhancing the efficiency of global payment processing. The move represents a notable shift in how international payments are managed.
The new system will allow participating financial institutions to access and update transaction records in real time, improving transparency and reducing settlement times. Swift’s adoption of blockchain technology reflects broader industry trends toward leveraging distributed ledgers for financial services.
**Why this matters**
By enabling 24/7 cross-border payments, Swift’s blockchain integration could significantly reduce delays and operational risks associated with traditional payment methods. This development may also increase the competitiveness of the global payments network and support the growing demand for faster, more reliable international transactions.
Source: NewsData