👻To optimize cross-border payments, SWIFT will build a blockchain-based ledger

👻To optimize cross-border payments, SWIFT will build a blockchain-based ledger
The optimized service will operate around the clock and in real time.

▶️SWIFT will provide the infrastructure and oversee project coordination, while central and commercial bankswill determine the types of tokens to be used, such as deposits, CBDCs, or tokenized securities.

▶️The ledger will record, organize, and verify transactions, with smart contracts helping to streamline operational rules and processes.

▶️The design and development involve 30 financial institutions from 16 countries, including Bank of America 🇺🇸, JPMorgan Chase 🇺🇸, Deutsche Bank 🇩🇪, BNP Paribas 🇫🇷, Lloyds Bank 🇬🇧, among others.

▶️Additional note: the prototype, which will be refined and implemented during the first phase of the project, was created by Consensys. Its founder, Canadian developer and entrepreneur Joseph Lubin, is one of the co-founders of Ethereum.

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