SWIFT's blockchain ledger enters tests with Citi, MUFG for 24-hour cross-border payments - Nikkei Asia

Karar Gazetesi

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Global financial network SWIFT is launching a new blockchain-based system with 17 major banks, including Citigroup and UBS, ushering in an era of 24/7 uninterrupted, instant, and low-cost international transfers.

ekonomim.com

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SWIFT, the global financial messaging network, has begun testing a blockchain-based digital ledger system that will enable 24/7 cross-border transfers between banks to be seamless and in real-time. The project, involving 17 banks including giants like Citigroup, MUFG, UBS, and Wells Fargo, aims to reduce the high costs of international money transfers and minimize transaction times to seconds.