Swift partners with Consensys to develop a cross-border payment blockchain prototype

Foresight News: According to The Block, global financial information network Swift has announced that it will integrate blockchain-based shared ledgers into its infrastructure. The initial focus of this plan will be on real-time, 24-hour cross-border payment use cases. Swift stated that it will officially design the shared ledger based on a "concept prototype" jointly developed with Consensys. Although no further details about the collaboration between Swift and Consensys were disclosed in the announcement, last week's news indicated that Swift is actively experimenting with migrating its system on-chain using Consensys' Ethereum Layer 2 solution, Linea. The ledger is expected to record, sort, and verify transactions through smart contracts, facilitating secure, real-time trading of compliant tokenized value, while focusing on interoperability with existing and emerging financial systems to ensure Swift adheres to compliance standards. In addition, Swift is working with more than 30 financial institutions to gather feedback on the ledger and support subsequent implementation, including a certain exchange.