Swift indicated that its block chain-sharing book was in its initial use phase. The platform supports round-the-clock cross-border payments, which are settled on the basis of tokenized deposits while retaining existing credit and risk standards.
17 banks participating in the pilot
Swift stated that 17 global banks were ready to test real transactions on the platform. The pilot will begin with the participating agencies and will focus on testing the efficiency of the processing of cross-border transfers.
The goal is to improve settlement efficiency.
Swift indicated that the project sought to improve the speed of payments, liquidity management and visualization of cash flows, but would not replace its existing network. The company expects the pilot to be formally launched as banks begin testing real transactions.
Existing network continues
Swift stressed that the new book was a complement to the existing system and not a substitute. Projects are designed to enhance the processing capacity of cross-border payments without changing established wind control standards.