SWIFT, the operator of the platform that facilitates the global interbanking system has revealed a peek at its first blockchain offering, a proof-of-concept (PoC) discussed at its European Operations Forum in Berlin today.
As the bedrock of the world’s banking system which uses its platform for international interbanking messages, SWIFT has plenty to lose if the much-heralded Fintech revolution, championed by blockchain technology, fulfills its promise in disrupting the traditional financial services with cheaper, more effective and quicker operations.
Predictably, SWIFT has taken heed, as evidenced late last year, to research and develop solutions for its sustainability in the face of the bitcoin’s underlying innovation, by building its own blockchain platform for its member banks.
In quotes reported by Finextra, SWIFT Labs’ RD chief Damine Vanderveken stated:
SWIFT has been targeted in the press as a legacy incumbent that will be doomed by DLT (Distributed Ledger Technology or Blockchain tech). But we believe SWIFT can leverage its unique set of capabilities to deliver a distrinctive DLT platform offer for the community.
SWIFT has shared detailed