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SWIFT Launches Blockchain System with Over 30 Global Banks for Cross-Border Payments

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SWIFT is building a blockchain-based system with over 30 global banks to modernize cross-border payments. The project, led by Thierry Chilosi, adds a blockchain ledger to SWIFT’s messaging network to boost speed, transparency, and security. Currently in the technical design phase, the rollout will happen in stages over the next few years. Benefits include faster settlement, lower costs, and better tracking. The system is not tied to public cryptocurrencies like Bitcoin and aims to improve, not replace, traditional banking. What is blockchain? It’s the technology underpinning this new financial infrastructure.
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