Bank AI

<div class="textg" style="text-align: justify;font-weight: lighter;line-height: 1.3em;font-size: 15px;border-radius: 3px;color: #80909a;padding: 10px;background-color: #F4F6F9;margin-bottom: 15px">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">The Society for Worldwide Interbank Financial Telecommunication, popularly referred to as “SWIFT,” has recently <a aria-label="unveiled (opens in a new tab)" href="https://www.swift.com/news-events/press-releases/swift-unlocks-potential-tokenisation-successful-blockchain-experiments" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">unveiled</a> significant data findings on effective blockchain interoperability. The report discusses the<a href="https://tokenist.com/swift-to-test-tokenized-asset-transactions-with-major-banks/" rel="dofollow" class="deco-link"> potential of tokenization</a>, emphasizing effective blockchain communication and seamless transmission.</p> 
<h3 id="swift-reveals-new-findings-on-blockchain-interoperability">Swift Reveals New Findings on Blockchain Interoperability</h3> 
<p>Swift seems to have developed a pioneering method to promote blockchain interoperability, which can facilitate the cross-functioning of multiple blockchains through a single entry point.</p> 
<p>The report, which the firm has published online, weighs in on the potential of tokenization, discussing a well-rounded path or infrastructure that could soon facilitate “the transfer of tokenized value across multiple public and private blockchains.</p> 
<p>The report later shared key insights that Swift concluded through various levels of experimentation while collaborating with key market giants, including Chainlink, Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX), and The Depository Trust &amp; Clearing Corporation.</p> 
<p>Through collaboration and experimentation, Swift identified “a single point of access to multiple networks using existing, secure infrastructure, thereby significantly reducing the operational challenges and investment required for institutions to support the development of tokenized assets.”</p> 
<p>In simpler terms, while leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Swift could determine a single access point for multiple blockchains to converge without impacting the distinctive nature of each tokenized asset a blockchain often carries. If deployed with supervision, Swift’s attempt could soon help simplify the interconnection of blockchains, reduce costs, and help the tokenized market domain scale globally.</p> 
<p>While addressing the need for blockchain interoperability on a broader scale, Swift shared how these experiments are part of its future expansion plans with the sole purpose of elevating the world’s financial communities to a whole new level.</p> 
<blockquote class="wp-block-quote"> 
 <p>“The experiments are part of Swift’s wider strategy to ensure secure, global interoperability as new technologies and platforms emerge. They build on work over the past few years to show how Swift’s infrastructure could support the financial community in interconnecting Central Bank Digital Currencies (CBDCs) and other digital assets with new and existing payment systems</p> <cite>The report later adds</cite>
</blockquote> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="swift-and-its-stance-on-blockchain-and-cbdcs">Swift and its Stance on Blockchain and CBDCs</h3> 
<p>Swift has long been known for its experimental spirit. The firm has a distinctive track record of performing multiple experiments and collaborations to introduce new economic findings that can help revolutionize the financial sector around the world.</p> 
<p>The firm had recently completed an <a aria-label="experiment (opens in a new tab)" href="https://www.assetservicingtimes.com/assetservicesnews/industryarticle.php?article_id=13508&amp;navigationaction=industrynews&amp;newssection=industry" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">experiment</a> on central bank digital currencies, or <a href="https://tokenist.com/swift-could-use-cbdcs-to-improve-cross-border-payments/" rel="dofollow" class="deco-link">CBDCs.</a> In collaboration with Capgemini, Swift achieved CBDC-to-CBDC transactions through different DLT networks based on Quorum and Corda technologies.</p> 
<p>In the same experiment, the firm successfully integrated fiat-to-CBDC in a real-time gross settlement system, setting another milestone for the team. The said initiative was one of many endeavors Swift is consistently mapping to simplify “interconnected cross-border payments.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>What do you think of Swift’s new blockchain experiment? Let us know in the comments below!</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/swift-can-play-a-central-role-in-blockchain-interoperability-report/">Swift Can Play A Central Role in Blockchain Interoperability: Report</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Swift Can Play A Central Role in Blockchain Interoperability: Report

Table of Contents

Tokenist

Other articles published on Aug 31, 2023

Mimpi di Siang Bolong, SHIB Bisa Terbang 925 Persen? Kapan?

Elon Musk’s X Secures Multi-State Licenses for Payment Processing Including Crypto

DraftKings Stock: Is the Bullish Momentum Over in DKNG Stock?

The Perils of Doubling Down: How One ETH Trader Lost $5,000,000

How Much Does It Cost to Mint an NFT in 2023?

BTC Price Capitulation Almost Over, But Will $27k Support Hold?

Join our free newsletter for daily crypto updates!