Swift has launched a new blockchain-based platform, marking a significant step in the modernization of global cross-border payments.
The financial messaging giant announced the deployment of the shared ledger infrastructure, which is designed to streamline international transactions and reduce settlement times.
Seventeen banks are currently preparing to participate in a pilot program that will process live transactions on the new system.
This move signals a shift from theoretical exploration to practical application of distributed ledger technology within the core banking infrastructure.
The pilot aims to test the efficiency and reliability of blockchain for high-value, cross-border settlements.
The development comes as the financial industry increasingly seeks alternatives to traditional correspondent banking models, which are often criticized for their opacity and slow processing times.