Swift to Utilize Blockchain for 24-Hour Remittances, Piloting with 17 Banks Globally

BlockBeats news, September 14, according to Nikkei News, the Society for Worldwide Interbank Financial Telecommunication (Swift), which handles international interbank remittance services, is currently promoting the comprehensive application of blockchain (distributed ledger) technology. Swift has launched a pilot with 17 global banks, including Citigroup of the United States and Mitsubishi UFJ Bank, attempting to use digital "tokenized deposits" to achieve 24/7, year-round instant cross-border remittances.

If the effectiveness of this scheme in shortening remittance time and reducing fees can be verified, it is expected to further promote the adoption of "tokenized deposits".