SWIFT experiments with blockchain technology with Symbiont

The interbank network Swift currently testing the blockchain technology for’to improve I’efficiency of the communication of corporate events such as dividend payments or mergers.

Last week, Swift announced to turn to the blockchain with the aim of “eliminating friction for securities transactions “. The interbank system unveiled a pilot project in partnership with Citi and Vanguardamong other things, for improve efficiency of the communication of corporate events important.

In a statement, Swift explains that events related to publicly traded companies such as dividend paymentsthem mergersAnd the others securities transactionsshould be shared quickly with stakeholders.

And, according to Jonathan Ehrenfelddirector of the strategy of the interbank network, the use of the blockchain technology and of smart contracts could allow to provide accurate corporate action data to market participants. in near real time “.

With its partners, Swift is currently experimenting with a solution powered by the enterprise blockchain platform American fintech Symbiont.

By combining the Symbiont platform and smart contracts with Swift’s vast network, we are able to automatically harmonize data from multiple sources of a corporate event. This can lead to significant efficiencies,” said Tom Zschach, chief innovation officer at Swift.

At the beginning of the year, Swift launched experiments in the field of asset tokenization with the ambition of introducing interoperability in this new market.

Launched in 1977, the Swift protocol now facilitates communication for thousands of banking organizations, market infrastructures and businesses around the world.

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