😱 EU🇪🇺: Is SWIFT becoming a threat to fintechs❓

😱 EU🇪🇺: Is SWIFT becoming a threat to fintechs❓
SWIFT is preparing to take a major step toward the digitalization of cross-border payments. The interbank messaging network plans to launch its own blockchain-based infrastructure, initially in a pilot phase. The initiative will leverage tokenized deposits to enable 24/7 payments, enhance liquidity management, and provide European customers with an alternative backed by banking guarantees, combining security, speed, and continuous availability.

➡️ SWIFT has built a reputation as a reliable financial infrastructure over 53 years of operation. It remains compatible with the traditional financial infrastructure, enabling transfers equivalent to the world's GDP every two to three days across 200 markets. In recent years, 75% of payments on the network have reached recipient banks within 10 minutes or less.

➡️ SWIFT also plays a strategic role in the international financial system. It supports cross-border trade flows among G20 member countries, represents a framework for regulatory transparency, and maintains a significant position within the global financial ecosystem.

➡️ The pilot project will include 17 banks from 6 continents:

ANZ 🇳🇿
BNP Paribas 🇫🇷
BNY 🇺🇸
Citi 🇺🇸
DBS 🇸🇬
First Abu Dhabi Bank (FAB) 🇦🇪
FirstRand Bank Limited 🇿🇦
HSBC 🇬🇧
Itaú Unibanco 🇧🇷
Lloyds Bank 🇬🇧
Mashreq 🇦🇪
MUFG Bank 🇯🇵
OCBC 🇸🇬
Standard Chartered 🇬🇧
UBS 🇨🇭
UOB 🇸🇬
Wells Fargo 🇺🇸

➡️ Context: several months ago, Ripple Treasury joined the SWIFT program, gaining direct access to global banking operations and integrated management of fiat and digital assets. The company also entered into a partnership with Kyobo Life Insurance to enable real-time settlement of tokenized government bonds.

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