SWIFT Collaborates with Symbiont to Deliver Blockchain-Based Financial Data to Enterprises

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The Society for Worldwide Interbank Financial Telecommunication (SWIFT) recently announced its partnership with financial technology (fintech) company Symbiont to provide market-based data to financial firms through the use of blockchain technology, as reported Cointelegraph.

According to Cointelegraph, companies such as Vanguard, Citigroup, American Century Investments, Northern Trust, among others, are the companies that will collaborate with the financial platforms for the initiative. According to the announcement, the project aims to help providers distribute near real-time data to global custody customers. Using Assembly will enable Symbiont’s proprietary technology company and smart contracts to create a network effect to leverage over 11,000 institutions connected to SWIFT, globally. In 2017, Symbiont worked with Vanguard to make changes to the distribution of price index data through the blockchain, consuming data from funds worth $1.3 trillion.

“By bringing Symbiont’s assembly and smart contracts together with SWIFT’s network, we are able to harmonize data from multiple sources of a corporate event. The Assembly’s smart contract would enable comparison of information shared between participants and flag any discrepancies, contradictions or inconsistencies between custodians,” said Tom Zschach, Chief Innovation Officer at SWIFT.

Based on information from Cointelegraph, the rise of central bank digital currencies (CBDCs) has led the company to maintain its relevance with the international economic order. In 2017, the interbank cooperative launched its global payments innovation, gpi, aimed at increasing payment tracking and fee transparency and allowing customers to send cross-border payments within 24 hours.

Additionally, Cointelegraph noted that in February, the European Commission took the call to disable the SWIFT network for many Russian banks due to the country’s invasion of Ukraine. Recently, during a Blockchain Central Davos conference roundtable, Michael Miebach, CEO of Mastercard, said that no SWIFT-based development is likely in five years. Founded in 1973, SWIFT is responsible for processing more than five billion financial messages and has its base of operations in 200 countries.

(With information from Cointelegraph)

Also read: Bitcoin and Ethereum prices saw an unexpected drop: Report

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