Global financial messaging platform Swift It says the blockchain-based ledger is ready for use.
Seventeen banks are setting up live ledger trial transactions, which support 24/7 cross-border payments using token deposits, and SWIFT. Announce Thursday (July 9).
“With our new ledger capability, we are extending the trust and stability of established finance to the frontiers of digital money.” Thierry ChilosiSwift, chief business officer, said in a press release. “It allows for a symbolic value to Moving across borders With the speed and flexibility that modern commerce expects, while maintaining the same high levels of flexibility, security and compliance that global finance requires.
He added that the “strong support” SWIFT received from banks demonstrates “the practical value of this approach – one that will help scale the benefits globally while creating a foundation for future innovation in areas such as programmable money and cloud computing.” Proxy trade“.
According to the statement, the shared ledger gives banks an opportunity Secure format A layer of token deposits issued by banks on their ledgers, allowing them to move money to customers – on nights and weekends – before final settlement is completed via existing systems.
Swift says this is the first use case for the ledger, Announced last year It was designed and created with contributions from international financial institutions in the past nine months.
“This development paves the way for the next generation of innovation and interoperability on the already reliable infrastructure to move the equivalent of global GDP every two to three days between more than 200 markets with a record of maintaining the highest levels of operational excellence,” Swift said.
In other cross-border payments news, recent PYMNTS Intelligence research shows there are many more Small and medium enterprises Small and medium businesses (SMBs) are turning to fintech companies for help in making international payments.
Rather than replacing banks, many SMEs appear to be developing a broader payments toolkit as international trade becomes more widespread, the research found. The data showed that satisfaction with payment providers is high in almost every category for internationally active US SMEs.
“Fintech companies stand out through a combination of strong customer reviews High adoptionsuggesting that companies value service providers who can simplify what has traditionally been a complex process,” PYMNTS wrote last week.
According to the report, 36% of internationally active SMEs said they would use financial technologies or payment service providers to conduct cross-border transactions, compared to 30% last year.
In addition, 91% of small and medium enterprises Using fintech payment providers rated their experience as good, placing them among the highest rated categories in the study.
