SWIFT is working with its global community to test how users of its connection can reconcile with the many blockchain networks cropping up around the world.
The organisation said that nowadays many institutions are interested in investing in tokenised assets, yet investments are tracked on a diverse range of blockchain networks that are unable to exchange and make use of information.
To address this challenge, SWIFT plans to conduct a range of experiments in collaboration with institutions including Citi, BNP Paribas and Lloyds Banking Group to test how, by using existing SWIFT infrastructure, firms can “efficiently instruct” the transfer of tokenised assets over different public and private blockchain networks.
“In such a highly fragmented ecosystem, it would simply not be feasible for financial institutions to connect to each and every platform individually,” said SWIFT chief innovation officer Tom Zschach. “That’s why the community is working with SWIFT to develop an interoperability model that would enable access to different platforms globally.”
The news follows SWIFT’s 2022 plans to trial an enterprise blockchain platform to improve the communication of corporate actions.
It said at the time that while automation of communications around the likes of publicly traded information have improved in recent years, they are still “heavily dependent” on manualised processes.
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