SWIFT partners with Symbiont to meet these future goals
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global financial messaging network, has taken a new step on the blockchain front by announcing a partnership with fintech firm Symbiont.
Symbiont, with its proprietary enterprise blockchain platform Symbiont Assembly, serves financial institutions around the world and helps issue, track and manage financial instruments.
The two organizations will collaborate on a new pilot project to “further automate and increase the accuracy of corporate action processes” by leveraging Symbiont blockchain and smart contract capabilities. .
The partnership will involve leading industry names such as Citigroup, Vanguard and Northern Trust, among others.
Events occurring in a publicly traded company should be shared with all interested parties as soon as possible. SWIFT seeks to reduce the number of intermediaries and "help providers deliver data in near real time to global custody customers."
In addition to pointing out discrepancies and inconsistencies in the data shared by its customers, SWIFT Chief Innovation Officer Tom Zschach has stated that the partnership will bring "Smart Contracts and Assembly of Symbiont joins SWIFT's vast network to automatically harmonize data from multiple sources of a corporate action event.”
The SWIFT network serves more than 11,000 institutions in 200 countries, and the move could benefit their clients by minimizing the risks associated with investments.
SWIFT has announced that program participants will conduct testing and provide feedback later this month. If the program is successful, SWIFT will consider expanding its coverage.
Earlier this year, SWIFT announced a partnership with French consulting giant CapeGemini to explore interoperability and connectivity between CBDCs being developed by central banks around the world.
SWIFT claims that the project follows the growing interest of some central banks in exploring CBDCs after the Bank for International Settlements released a report stating that economies account for more than 90 % of global GDP is actively exploring CBDCs.
In April 2017, SWIFT started proof-of-concept (PoC) application development in collaboration with the world's leading banks, including JP Morgan Chase, Wells Fargo, DBS Bank and others.
The collaboration focuses on determining the feasibility of distributed ledger technology (DLT) to regulate their nostro accounts in real time.
In March 2018, SWIFT ended PoC and found that DLT could in fact enable real-time automated liquidity monitoring, full audit trail, and data generation for regulatory reporting , among other things, by providing necessary transactional functions. and data abundance.
Sep 15, 2022