Swift, the financial gatekeeper connecting thousands of banks across the globe, said on Thursday that a dozen-plus institutions are preparing to use its “blockchain-based ledger.”
While ultimate fiat settlement still relies on legacy systems during business hours, Swift noted that its blockchain-based ledger allows banks to move tokenized deposits “overnight and on weekends,” a feature inherent to all networks operating in the cryptocurrency realm.
“Banks benefit from improved client experience and global liquidity efficiency without compromising compliance, credit, risk and control standards embedded in existing payment processing,” Swift added.
“We are redefining cross-border payments with Swift’s new blockchain-based ledger—combining tokenized deposits with our global network to deliver instant, always-on money movement,” Mahesh Kini, global head of cash management at Standard Chartered, said.
