Swift Teams With Ethereum Software Giant Consensys for Blockchain Prototype

SWIFT is collaborating with Consensys and 30 major financial institutions, including Bank of America, Citi, and JP Morgan, to develop a blockchain-based prototype aimed at enabling real-time cross-border payments. This prototype will utilize a secure ledger and smart contracts for transaction validation and recording. Although it remains unclear whether the project will be grounded in the Ethereum mainnet or ConsenSys's Layer-2 network, the collaboration signals a significant convergence between traditional and decentralized finance. SWIFT, which operates a messaging system connecting over 11,500 financial institutions globally, processes roughly 53 million financial messages daily. If a portion of SWIFT's transactions were to be shifted onto blockchain infrastructure, it could greatly enhance the capacity of Ethereum, which processed 1.4 million transactions recently. The potential of this initiative reflects a pivotal moment in the integration of blockchain technology within mainstream financial systems.

Source 🔗