The Global Financial Messaging Network Swift is going to develop a common blockchain platform that will serve as a common digital book for banks around the world. This infrastructure will allow uninterrupted, international payments and real -time transfers and transactions with stablecoins and digital assets.
BBVA has joined a consortium of more than 30 partners who are now starting work in an original.
The new network will act as a public, secure digital book, where banks can record their international transactions in real time, classify and validate smart contracts. Thus, payments made through Swift’s blockchain will be available 24 hours a day, seven days a week, at a lower cost and no intermediaries.
In addition, it will support transactions with stablecoins and tokenized financial assets (digitally represent money, bonds or deposits), which can be transferred between blockchain networks immediately, safely and detectable.
Swift works for the original in collaboration with Consensys, a company specializing in Blockchain Solutions. The next steps include the development and testing of use cases to evaluate how this technology can be integrated into the global financial system. The BBVA will provide the consortium its know -how in digital innovation and global services for valid cases, such as business payments, international remittances and settlement of assets.
The goal is to move forward with a financial system in which international financial transactions are as flexible and safe as local transactions. The platform will be interoperable and capable of connecting with current and future financial networks in accordance with the standards of governance and regulatory compliance with which Swift operates.