SWIFT will use blockchain in the banking ecosystem

SWIFT has released a new document, Payments: A Look into the Future (Payments: Looking into the future),which confirms SWIFT's intentions to use blockchain to provide a more open model of financial services and applications in the banking ecosystem.

We don't think the problems around cross-border payments should be solved through closed systems.

Banks know that they cannot stand still.They need to adapt their own payment support systems. The cross-border payments landscape is no different … Goods and services travel faster and over greater distances than before. From account to account, in an instant. Only a seamless and open global value transfer system can do this.

Pending successful proof of concept with tradingWith the R3 platform, we will also soon enable payments via Global Payment Innovation (GPI) on DLT-based trading platforms, – written in the document

GPI– this is SWIFT's answer to all blockchains,which have arisen in recent years. This is the roadmap to achieving SWIFT's ultimate goal: instant, uncensored, global, 24/7 payments from any bank account to any other bank account. And now, after a series of tests, it is confirmed that it will be based on blockchain.

This future is within reach.The elements are already in place, the technology is available, and the SWIFT community is getting there. Leading members have the ambition and drive to realize this goal. A coalition of the willing is moving forward with change, making the future a reality sooner than might be expected, – says SWIFT.

SWIFT also announced that it will use a public blockchain ecosystem in which banks will be able to create and release their own applications for the benefit of consumers.

This will be something similar to decentralized finance in a banking interpretation.

Thanks to its leading position in the field of internalresearch and development, we innovate and use technology for a real purpose: to improve solutions and solve industry problems. We are transforming the existing system to provide unprecedented convenience while maintaining versatility and security. This means using proven and promising technologies to make travel as easy as possible for customers around the world, – emphasizes SWIFT.

Less than a week after Facebook and other companies gave their blockchain approval, SWIFT did the same on behalf of its client banks.