SWIFT pilot project powered by Symbiont’s enterprise blockchain platform will drive efficiencies in communicating significant corporate events
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) partners with fintech company Symbiont to provide more accurate data for financial firms through blockchain technology. Vanguard, Citigroup, American Century Investments and Northern Trust are joining in the initiative.
The announced corporate data blockchain project “could help providers distribute data in near real-time to global custody clients.” The data will be shared through Assembly, Symbiont’s proprietary technology platform. Smart contracts will be used to leverage the network of 11,000+ institutions connected to SWIFT globally. With their help, the payment message system will be able to automatically harmonize data from multiple sources.
Founded in 1973, SWIFT handles over five billion financial messages annually and has a presence in 200 countries. However, the legacy network finds it hard to compete with tech advances such as central bank digital currencies (CBDC).
Therefore, SWIFT has started to introduce innovations. In 2017, the interbank cooperative launched a cloud-based gpi tool set. It enhanced payment tracking and fee transparency, allowing customers to send cross-border payments 24 hours per day. The current innovative solution is aimed at financial players rather than customers. It should remove friction for asset managers, custodians, brokers and other recipients of the corporate data in finance.