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SWIFT Financial-Messaging System Pilots Blockchain Project

  • Project with fintech Symbiont aimed at curbing inefficiency
  • SWIFT gained attention following Russia’s invasion of Ukraine
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SWIFT, the messaging system used by financial institutions globally to convey instructions on tens of millions of transactions each day, is testing out blockchain.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT for short, is piloting a project with fintech company Symbiont Inc., according to a post seen by Bloomberg. The collaboration, which includes Citigroup Inc., Vanguard and Northern Trust, is aimed at driving “efficiencies in communicating significant corporate events,” like dividend payments and mergers, SWIFT said in its post.