Swift, the entity that runs the messaging system used by financial institutions globally to send instructions on tens of millions of transactions a day, will add a blockchain-based ledger to its infrastructure.
The Society for Worldwide Interbank Financial Telecommunication, or Swift for short, has kicked off work to design and build the ledger with more than 30 global financial institutions including JPMorgan Chase & Co., HSBC Holdings Plc, Bank of America Corp. and Deutsche Bank AG, the member-owned cooperative said in a statement Monday. The first prototype will be focused on real-time, 24/7 cross-border payments and will be built using technology from the US blockchain software firm Consensys, which is run by Ethereum co-founder Joseph Lubin.