Swift Network going Blockchain
Swift, the global financial messaging network that's often criticized as the primary example of an out-of-date, legacy financial system, is adding a blockchain-based ledger to its network as it looks to catch up with faster and cheaper technologies. - The project involves a group of around 30 financial institutions, including the likes of JPMorgan and HSBC, and will use a ledger based on a prototype made by ethereum development company Consensys. Pay it forward: The project's initial focus is on enabling real-time, 24/7, cross-border payments, which can currently take a few days depending on the country. - "Through this initial ledger concept we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation," Swift chief executive Javier Pérez-Tasso said at the company's flagship Sibos conference.