SWIFT’s Latest Enterprise Blockchain Pilot is a Success
According to reports, SWIFT shared the results of its latest enterprise behavior blockchain pilot, announced that the pilot was successful, and planned to advance this work. The la
According to reports, SWIFT shared the results of its latest enterprise behavior blockchain pilot, announced that the pilot was successful, and planned to advance this work. The latest experiment involves six organizations, including American Century Investments, Citi, and Northern Trust. This experiment uses the SWIFT messaging standard and supports participants to share data across blockchain networks. If there is enough data matching, a recommended shared version is created. In the next phase, machine learning will be combined to assist in the matching process. These tests do not focus on simple corporate behaviors such as dividends, but rather involve complex behaviors such as tender offers and share splits.
SWIFT Pushes Blockchain Company Action Pilot to the Next Stage
Introduction
In a recent development, SWIFT has announced the success of its latest enterprise behavior blockchain pilot. The pilot involved six prominent organizations, including American Century Investments, Citi, and Northern Trust, and it was aimed at using the SWIFT messaging standard to facilitate data sharing across blockchain networks. In this article, we will take a closer look at SWIFT’s latest experiment, its key players, and the potential impact of this accomplishment on the blockchain industry.
What is SWIFT?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global financial messaging network that enables secure, reliable, and fast communication between banks and financial institutions. SWIFT is responsible for facilitating cross-border transactions, clearing and settlement of financial transactions, and providing messaging services to its members. Over 11,000 financial institutions across 200+ countries are members of SWIFT.
SWIFT’s Latest Enterprise Blockchain Pilot
As mentioned earlier, SWIFT’s latest experiment involved six major organizations, including American Century Investments, Citi, and Northern Trust. Unlike previous tests that focused on simple corporate behaviors such as dividends, this pilot involved complex behaviors such as tender offers and share splits.
The experiment used the SWIFT messaging standard to facilitate data sharing across blockchain networks. If there was enough data matching, a recommended shared version was created. In the next phase, machine learning will be combined to assist in the matching process. Overall, the pilot was deemed a success, and SWIFT plans to advance this work.
Key Players in the Latest Enterprise Blockchain Pilot
American Century Investments
American Century Investments is a privately-held investment management firm that manages assets of over $190 billion. The company was founded in 1958 and has its headquarters in Kansas City, Missouri.
Citi
Citi is a global financial institution that operates in over 160 countries and jurisdictions. The company provides a wide range of financial products and services, including consumer banking, corporate and investment banking, securities brokerage, and wealth management.
Northern Trust
Northern Trust is a global financial services company that provides investment management, asset servicing, and banking solutions to clients worldwide. The company has its headquarters in Chicago, Illinois, and operates in 20 countries across the world.
Impact of SWIFT’s Latest Enterprise Blockchain Pilot
The successful completion of SWIFT’s latest enterprise blockchain pilot is a significant accomplishment for the blockchain industry. The use of the SWIFT messaging standard to facilitate data sharing across blockchain networks could potentially reduce the cost and complexity of cross-border transactions. SWIFT has been exploring the potential of blockchain technology for several years, and this latest success further cements its position as a key player in the blockchain space.
Furthermore, the use of machine learning in the next phase of the experiment could potentially improve the accuracy and efficiency of data matching. This could have a major impact on the financial industry, where data accuracy and speed are crucial. Overall, SWIFT’s latest accomplishment could pave the way for more widespread adoption of blockchain technology in the financial industry.
Conclusion
In conclusion, SWIFT’s latest enterprise blockchain pilot was a success, and the company plans to advance this work. The experiment involved six major organizations, including American Century Investments, Citi, and Northern Trust. The use of the SWIFT messaging standard to facilitate data sharing across blockchain networks could potentially reduce the cost and complexity of cross-border transactions. The success of this experiment is a significant milestone for the blockchain industry, and it could pave the way for more widespread adoption of blockchain technology in the financial industry.
FAQs
Q1. What is SWIFT?
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global financial messaging network that enables secure, reliable, and fast communication between banks and financial institutions.
Q2. What was the aim of SWIFT’s latest enterprise blockchain pilot?
The latest enterprise blockchain pilot was aimed at using the SWIFT messaging standard to facilitate data sharing across blockchain networks.
Q3. Who were the key players in the latest enterprise blockchain pilot?
The key players in the latest enterprise blockchain pilot were American Century Investments, Citi, and Northern Trust.
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