The Society for Worldwide Interbank Financial Telecommunication (SWIFT) and Symbiont will provide financial firms with more precise data using blockchain technology. The announcement of this cooperation date is September 13, 2021.
Among the businesses taking part in the program are Northern Trust, American Century Investments, Citigroup, and Vanguard.
Several businesses, including Northern Trust, Citigroup, American Century Investments, and Vanguard, are taking part in the project.
According to the statement, the pilot project “may let providers distribute data in close to real-time to worldwide custodial clients.” Using its own technological platform and smart contracts, Symbiont will “create a network effect that utilizes the 11,000+ institutions connected to SWIFT globally” with Assembly.
In 2017, Symbiont collaborated with Vanguard and used data from funds with a $1.3 trillion market cap to improve the distribution of price index data using blockchain.
According to Tom Zschach, chief innovation officer at SWIFT, we are able to automatically synchronize data from many sources of a corporate action event by fusing Symbiont’s Assembly and smart contracts with the company’s enormous network. According to Zschach, the smart contract developed by Assembly would allow users to “compare the information given and indicate errors, contradictions, or inconsistencies between custodians.”
The corporation is working extremely hard to maintain its relevance in the global economic system due to the emergence of central bank digital currencies (CBDC). The global payments innovation, or GPI, was launched by the interbank cooperative in 2017 to enhance fee transparency and tracking while enabling customers to send cross-border payments whenever convenient for them.
Due to the war in Ukraine, the European Commission decided in February to disable the SWIFT network for many Russian banks. Michael Miebach, CEO of Mastercard, recently said that he does not think SWIFT will be obsolete in five years during a panel discussion at the Blockchain Central Davos conference. More than five billion financial messages are processed annually by SWIFT, which has been in operation in 200 countries since its creation in 1973.