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SWIFT wants to continue to play an important role in the financial world

by News Room
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The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has expressed its desire to play a key role in the future of financial technology, especially within the unified ledger model. This idea suggests that existing technologies, including SWIFT’s own systems, can be reused and adapted to meet the needs of a tokenized economy.

SWIFT emphasizes that, despite the advantages of the shared ledger, there is still a need for a messaging layer that efficiently processes large amounts of data. Who is the best fit for this? In the eyes of SWIFT, they are. This can be read on their own website.

VISA’s role in a token-filled future

The organization proposes a dynamic model, the so-called the development of a “spatial machinery” that reflects the current state of events and balances between institutions. This model could leverage existing ISO-20022 messaging technology and could run on either a blockchain or a centralized platform such as SWIFT’s own Transaction Manager.

This proposal comes after SWIFT considered several other models and after it partnered with fintech company Symbiont in 2022 to improve its data offering through the blockchain-based Assembly platform. This demonstrates SWIFT’s willingness to integrate and adapt new technologies to its existing systems.

In addition, SWIFT plays an important role in global economic sanctions, as evidenced by actions taken during the Russian invasion of Ukraine in February 2022, when the European Commission ordered an unknown number of Russian banks to be removed from SWIFT. However, you may be wondering if that is a positive or a negative in a world that is changing rapidly.

In addition, unified ledger technology is also supported by the International Monetary Fund with its XC platform and financial institutions participating in the Regulated Liability Network. SWIFT remains at the heart of today’s international payment systems as it reinvents itself to stay relevant in the rapidly evolving world of financial technology.

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