Swift infrastructure refers to the global messaging network operated by the Society for Worldwide Interbank Financial Telecommunication. This established system allows banks and financial institutions worldwide to send and receive information about financial transactions securely and reliably. It serves as a critical backbone for international cross-border payments and financial communication.
Context
While SWIFT remains a dominant force in global finance, blockchain-based solutions are increasingly viewed as potential alternatives for cross-border transactions. These new technologies aim to offer faster, lower-cost, and more transparent payment processing. News reports frequently discuss the ongoing competition and potential integration between traditional SWIFT infrastructure and emerging digital asset payment rails.
Major financial players Citi and Swift have successfully piloted a system for seamless, risk-free settlement between traditional and digital currencies.
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