The Society for Worldwide Interbank Financial Telecommunication (SWIFT) and Symbiont will provide financial firms with more accurate data through blockchain technology. The announcement of this cooperation date is September 13, 2021.
Companies participating in the program include Northern Trust, American Century Investments, Citigroup and Vanguard.
Several companies, including Northern Trust, Citigroup, American Century Investments and Vanguard, are involved in the project.
According to the statement, the pilot “could allow providers to distribute near real-time data to depository customers around the world.” Using its own technology platform and smart contracts, Symbiont will “create a network effect that uses the more than 11,000 SWIFT-connected institutions around the world” with Assembly.
In 2017, Symbiont collaborated with Vanguard and used fund data with a market capitalization of $1.3 trillion to improve the distribution of price index data using blockchain.
According to Tom Zschach, Chief Innovation Officer at SWIFT, we are able to automatically synchronize data from many sources of a stock action event by merging Symbiont assembly and smart contracts with the huge network of the company. According to Zschach, the smart contract developed by Assembly would allow users to “compare information provided and point out errors, contradictions or inconsistencies between custodians.”
The company is working extremely hard to maintain its relevance in the global economic system due to the emergence of Central Bank Digital Currencies (CBDCs). Global Payments Innovation, or GPI, was launched by the Interbank Cooperative in 2017 to improve transparency and fee tracking while allowing customers to send cross-border payments when it suits them.
Due to the war in Ukraine, the European Commission decided in February to deactivate the SWIFT network for many Russian banks. Michael Miebach, CEO of Mastercard, recently said he doesn’t think SWIFT will be obsolete in five years during a panel discussion at the Blockchain Central Davos conference. More than five billion financial messages are processed each year by SWIFT, present in 200 countries since its creation in 1973.