Bloomberg: SWIFT financial messaging system is piloting a blockchain project

2022-09-13 23:45:39

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According to ChainCatcher news and Bloomberg reports, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is piloting a new project with fintech company Symbiont Inc. This collaboration includes Citigroup Inc., Vanguard, and Northern Trust, aiming to improve the "efficiency of communicating significant corporate events," such as dividend payments and mergers. In this pilot project, SWIFT will automate corporate action workflows using Symbiont's technology platform, Assembly.

It is reported that SWIFT will leverage the platform's smart contract and blockchain capabilities to create a network effect. Corporate action data from SWIFT messages will be translated by SWIFT's translation tools and uploaded to Symbiont's blockchain. (Source link)

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