Swift is a huge financial messaging system that connects more than 11,000 banks around the world, converging on cryptocurrency networks and digital assets.
As reported by Cryptonoticias, his next move is Creating accounting records at EthereumIt is designed to experiment with new ways to settle and register operations.
To lift that prototype, Swift formed an alliance with Consensys (the second tier of Ethereum, the company responsible for Metamsk and Red Linea), and Cooperation with approximately 30 financial institutions I am interested in exploring these innovations.
The initiative is trying to process cross-border payments in real time. 24 hours and over 200 territory.
What will Swift pass through cryptocurrency networks?
As a rule, its Swift constructing prototypes in Ethereum is not just a technical experiment. It’s an attempt to adapt to the environment Cryptocurrency networks are much more advantageous as they provide actual time payments without intermediaries or permissions.
With those networks, you can send value to others from anywhere Regardless of the bank or bureaucratic verification of correspondents. This characterizes the traditional rapid model.
Second, another reason for motivating Swift is related to the world’s most valuable asset: time. No one who moves money wants to be delayed.
Until now, Swift has been a channel for sending payment instructions between banks, but there is a major obstacle: compensation time They can be extended for several days To regulatory verification and compliance processes.
When trying accounting records on Ethereum, Swift is Efficiency and interoperability of “blockchain technology” Without permission, low costs should not be lagging behind ecosystems that cross the borders. It has been reality for years.
For example, chains such as the XRP Ledger (XRPL) of Ripple or Stellar (XLM) points provide a more efficient international remittance and transport system than SWIFT.
This is a prominent place for its “blockchain technology,” inspired by Bitcoin’s accounting records.
The networks that Swift is building with consciousness aim to reduce the friction caused by slowness, resistance and bureaucracy inherent in traditional processes.
To cite examples of chains created by Consensys, we provide attractive speed and costs to become assets. Currently, the committee averages $0.01; Blocks are processed every 2 seconds.
“There are valuable components of our global network, which we plan to operate 24/7.
Therefore, these qualities support the motivation behind the project. For decades, Swift has been synonymous with international financial messages, but its centralized system Slow, expensive, bureaucratic They face the options offered by distributed networks.
Messari predicts the outcome of a rapid new “blockchain” system
According to a report from the Messari Analytics Company, the scenario is a new Swift project, “the critical moment of convergence between traditional finances and digital assets.”
Swift requires that the infrastructure act as “safe and realistic transaction records, operational verification, and sequence operations through intelligent contracts.”
Messari’s research highlights this Asset tokens are another pillar From the new Swift Network, an initiative Cryptonotics had already anticipated in September 2024.
Tokenization refers to assets that have been digitalized on cryptocurrency networks and previously existed only in traditional records.
Swift’s blockchain records facilitate the transfer and settlement of tokenized assets as real-world funds, values and assets.
Reporte de Messari.
Swift’s previous experiments, clarified from Messari, have already shown the success of transfers between central banks (CBDCs) and tokenized assets with European, Asian and North American banks.
Finally, to explain the scale, the report recalls that Swift processes more than $150 billion in payments each year.
Researchers at Messari estimate that this figure could increase as the integration of Stablecoins and tokenized assets into a new network. “Up to $200 billion per year by 2030”.
In this way, it is possible that the aim is to enable full cross payment in real time to integrate existing trustee rails with digital assets (tokens, stubcoins, etc.) with less cost to banks and end users, if this is a great engine for rapid digital exploration, then it is a concrete engine.