The Swift project has the support of 30 financial institutions.
Cryptocurrency networks, in contrast to swift, are cheaper and faster.
Swift, that gigantic financial messaging system that connects more than 11,000 banks worldwide, converges towards cryptocurrency networks and digital assets.
His next movement, as Cryptonoticias reported, is the Creation of an accounting record on Ethereumdesigned to experiment with new ways of liquidating and registering operations.
To lift that prototype, SWIFT has allied with consensys (the company responsible for MetamSk and the Red Linea, a second layer on Ethereum) and will also have the Collaboration of about thirty financial institutions interested in exploring these innovations.
This initiative seeks to process cross -border payments in real time, 24 hours and in more than 200 territories.
What implies that Swift passes to cryptocurrency networks?
In principle, that Swift builds a prototype on Ethereum is not just a technological experiment: It is an attempt to adapt to an environment where cryptocurrency networks carry the advantage, and by far, because they offer real -time settlements, without intermediaries or permits.
In those networks, any person from anywhere can send value to another regardless of correspondent banks and bureaucratic validations that characterize the traditional swift model.
Second, another reason that motivates Swift has to do with the most valuable asset in the world: time. No one who moves money wants delays.
Until now, Swift has been a channel to send payment instructions between banks, but with a great obstacle: compensation times They can extend several days due to regulatory verification and compliance processes.
When trying an accounting record on Ethereum, Swift seeks to experiment with the efficiency and interoperability of “blockchain technology” not to be lagging against an ecosystem where cross -border liquidation without permits and with lower costs It is a reality for years.
For example, chains such as XRP Ledger (XRPL) of Ripple or Stellar (XLM) point with their projects to offer more efficient international remittance and shipping systems than Swift.
This is where the prominence of that “blockchain technology”, inspired by the Bitcoin accounting record.
The network that Swift is building with consensys aspires to reduce friction caused by slowness, onerosity and bureaucracy inherent in the traditional process.
To cite an example, line, the chain created by consensys, offers attractive characteristics of speed and costs For transfing assets: currently, the average value of its commissions is 0.01 dollar and The blocks are processed every 2 seconds.
Here is a valuable component for a global network that intends to operate “24/7”.
Thus, these qualities support the motivation behind the project. For decades Swift was synonymous with international financial messaging, but its centralized system It is slow, expensive and bureaucratic Faced with the options provided by decentralized networks.
Messari anticipates the consequences of the new “blockchain” system of swift
In that scenario, the new SWIFT project “a decisive moment in convergence between traditional finances and digital assets”, according to a report of the Messari analysis firm.
Swift seeks that its infrastructure function as a “safe and real -time transactions record, validating and sequenceing operations while enforcing rules through intelligent contracts,” says the document published by Messari.
Messari’s research highlights that Asset token is another pillar From the new Swift network, an initiative that Cryptonotics had already anticipated in September 2024.
Tokenization implies digitallying in a cryptocurrency network an asset that previously existed only in traditional records.
Swift’s blockchain record will facilitate the transfer and settlement of tokenized assets as funds, values and assets of the real world.
Messari report.
Swift previous experiments, clarify from Messari, already demonstrated successful transfers with central banks (CBDC) and tokenized assets with Banks in Europe, Asia and North America.
Finally, to illustrate the magnitude, the report recalls that Swift annually processes payments for more than 150 billion dollars.
With the integration of stablecoins and tokenized assets in their new network, Messari researchers estimate that this figure could increase “Up to 200 billion dollars a year by 2030”.
In such a way, the objective of enabling cross -border payments in real time and with less cost for banks and end users, integrating the existing fiduciary rails with digital assets (tokens, stablecoins, etc.), it could be, if concrete, the great engine of this swift digital exploration.