The post SWIFT’s Blockchain Ledger Goes Live, but Old Bottlenecks Persist appeared on BitcoinEthereumNews.com.
SWIFT’s blockchain-based shared ledger has moved from testing to live deployment. Seventeen major banks are now preparing to process real transactions using tokenized deposits, though the system still leans on SWIFT’s older infrastructure to finish each transfer. Citi, HSBC, UBS, and 14 other banks across six continents will run pilot transfers. Their tokenized transfers speed up liquidity movement, but final settlement still passes through existing correspondent banking rails afterward. Banks Prepare Tokenized Deposit Pilots The shared ledger works as an orchestration layer, not a settlement replacement. Banks issue tokenized deposits on their own systems. They use SWIFT’s infrastructure to move funds for customers around the clock, including overnight and weekends. However, the underlying money only becomes final once it clears through SWIFT’s traditional messaging network.
The post Swift rolls out new blockchain ledger to bring 24/7 banking to 17 global giants appeared on BitcoinEthereumNews.com.
A roster of 17 banks are preparing to begin testing live transactions on Swift’s blockchain-based ledger, a step toward round-the-clock cross-border payments using tokenized deposits. Swift said the ledger is ready for initial use by banks across six continents in an announcement on Thursday. Its aim is to allow banks to move funds for customers overnight and on weekends, before final settlement through existing payment systems. The banks taking part include UBS, BNP Paribas, BNY, Citi, HSBC, and Wells Fargo. Swift, the bank-owned messaging network used by more than 11,500 financial institutions, announced the development of this shared ledger platform in October. It then said it would allow banks to settle transactions involving stablecoins and tokenized assets across multiple blockchains, working alongside current payment rails, not replacing them. Swift, said
The post Swift Launches Blockchain Ledger for Cross-Border Payment Pilot appeared on BitcoinEthereumNews.com.
The post Swift Launches Blockchain Ledger for Cross-Border Payment Pilot appeared first on Coinpedia Fintech News Swift said its blockchain-based shared ledger is ready for initial use, enabling 24/7 cross-border payments using tokenized deposits while keeping existing credit and risk standards. Seventeen global banks are preparing to pilot live transactions on the platform. The project aims to improve payment speed, liquidity management, and cash flow visibility without replacing Swift’s existing network. … Source: https://coinpedia.org/crypto-live-news/swift-launches-blockchain-ledger-for-cross-border-payment-pilot/
The post Hyundai Card Turns $20,000 Stablecoin Test Into Real-World Remittance as Europe Trial Draws Closer appeared on BitcoinEthereumNews.com.
Key Takeaways Hyundai Card slashed cross-border payment times to 7 minutes in a $20,000 corporate stablecoin test. Tether, Avalanche, and Axiym backed the pilot, marking a historic first for the South Korean card industry. A second pilot launches later this month with Circle and Visa to test local currencies across European units. Shaving Hours off Transaction Times Hyundai Card successfully tested stablecoin-based cross-border payments between Hyundai Motor Group subsidiaries in North America, slashing transaction times from hours to minutes, the card issuer recently disclosed. The proof-of-concept (PoC) test involved transferring funds between California-based Hyundai Motor America and Hyundai Motor Mexico. During the pilot, the U.S. unit converted $20,000 into dollar-based stablecoins and transmitted them to the Mexican affiliate, where the
Hyundai Motor America converted $20,000 into stablecoins and transferred them to Hyundai Motor Mexico, where they were exchanged back into U.S. dollars. Shaving Hours off Transaction Times Hyundai Card successfully tested stablecoin-based cross-border payments between Hyundai Motor Group subsidiaries in North America, slashing transaction times from hours to minutes, the card issuer recently disclosed. The […]
The post SWIFT Launches Blockchain Ledger Trial With 17 Major Banks for Tokenized Payments appeared on BitcoinEthereumNews.com.
Oliver Dale Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.
His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@blockonomi.com Source: https://blockonomi.com/swift-launches-blockchain-ledger-trial-with-17-major-banks-for-tokenized-payments/
The post SWIFT launches blockchain ledger pilot with 17 global banks appeared on BitcoinEthereumNews.com.
SWIFT has moved its blockchain-based ledger into initial deployment, with 17 global banks preparing to test tokenized deposit payments for round-the-clock cross-border settlements. Summary SWIFT has launched the first phase of its blockchain ledger with 17 global banks set to pilot tokenized deposit payments for round the clock cross border settlements. The new ledger will support weekend and overnight payments while keeping the compliance, risk and control standards used in existing banking systems. The rollout follows months of blockchain development as SWIFT and major banks continue expanding tokenized payment infrastructure. Announcing the development on July 9, SWIFT said HSBC, Citi, BNP Paribas, UBS, ANZ, DBS, and Standard Chartered are among 17 banks set to participate in the first controlled rollout of its blockchain ledger after nine months of development. Built around tok
The post SWIFT Introduces Blockchain Ledger for Global Payments appeared on BitcoinEthereumNews.com.
SWIFT, the international financial messaging network, is unveiling a blockchain-powered ledger designed to streamline global payments using tokenized bank deposits. After nine months of development, this innovation promises enhanced efficiency for cross-border transactions, shifting the landscape of international commerce. Continue Reading:SWIFT Introduces Blockchain Ledger for Global Payments Source: https://en.bitcoinhaber.net/swift-introduces-blockchain-ledger-for-global-payments
