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Swift revolutionizes payment transactions: Blockchain test with Bny Mellon!
Swift and global banks test blockchain integration on Consensys' linea for more efficient cross-border payments.
Swift revolutionizes payment transactions: Blockchain test with Bny Mellon!
Swift has launched a new experiment that mobilizes a consortium of banks, including BNY Mellon and BNP Paribas. The aim of this project is to migrate the central news system from Swift to Ethereum Layer-2-Technology Linea from Consensys. This step takes place as part of the more comprehensive infrastructure development that Swift has been pursuing for several years to improve efficiency in interbank payment transactions.
The current project is considered an important forerunner for a technological transformation in the payment industry. A successful implementation could enable faster processing of payments, lower costs and an improved infrastructure for cross -border transactions. It is important to emphasize that the initiative is developed over several months with more than a dozen important institutions, which corresponds to the long-term approach of Swift in the integration of blockchain technology.
Insight into technological progress
Swift's blockchain strategy has developed steadily in recent years. As early as 2023, the organization had carried out first tokenization tests that serve as the basis for the planned tests of digital assets in 2025. Research has shown that Swift's secure news infrastructure could serve as a universal interoperability layer for various distributed ledger technologies. This shows the potential of blockchain technology for the optimization of payment processing and the exchange of assets.
A decisive factor in the selection of Consensys' Linea for this project is the focus on data protection through advanced cryptographic evidence, which is of great importance for compliance with compliance requirements for banks. Live tests for digital assets and currency transactions in the Swift network are planned for 2025, with the current migration of the messaging core systems as a critical technical basis for their implementation.
Challenges and possibilities
The SWIFT platform combines over 11,000 institutions worldwide and has been criticized in the past due to its complexity and the dependency of intermediate dealers. The integration of blockchain technology could help to reduce the problems with payment processing and to design the architecture for cross-border payments. These developments are particularly important at a time when the efficiency and speed of financial transactions are increasingly in demand.
A successful completion of the project could not only improve the settlement times, but also reduce costs and drive digitization in banking. The entire industry faces a change that has far -reaching effects in the way in which financial institutions interact with each other and handle transactions.
Overall, the SWIFT experiment with Consensys' Linea shows the commitment of the financial institutions to explore new technologies and to set the course for the future of payment transactions. The developments are followed closely because they could mark the next steps for a more efficient, safer and more user -friendly financial landscape. This initiative is only part of a more comprehensive approach that could shape the transformation of the banking sector in the coming years.