Swift, the legacy network for international payments, has announced that it successfully completed an “epochal” trial which enabled tokenized bonds to be exchanged and settled.
Swift, which has more than 11000 banks and financial organizations as users, claims that the pilot program performed seamless transactions between blockchain platforms and conventional systems.
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The trial, conducted with BNP Paribas Securities Services, Intesa Sanpaolo, and Societe Generale’s blockchain subsidiary FORGE, focused on delivery-versus-payment settlement, interest payouts and bond redemptions.
Swift has orchestrated the tokenized assets transactions across all networks for the first time, using ISO 20022 standards and blockchain platforms to ensure secure workflows.
By proving Swift’s ability to orchestrate tokenized assets across multiple platforms, we are paving the path for our members adopting digital assets at scale and with confidence. The goal is to create a bridge that connects traditional technologies with emerging ones .”
Trials were conducted in fiat currency and digital currencies including FORGE’s EURCV stablecoin. BNP Paribas, Intesa Sanpaolo and BNP Paribas served as custodians and paying agents.
This initiative forms part of a broader effort to tokenize, which includes trials with UBS Asset Management (UBS Asset Management), Chainlink, Citigroup, Northern Trust Bank, Reserve Bank of Australia, HSBC, and Ant International.
Swift plans to introduce a ledger based on blockchain for 24/7 real-time cross-border payment, which was developed in collaboration with more than 30 banks.
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As new information becomes available, this post Global Payments Giant Swift Completes “Landmark” Tokenized Asset Test may be updated.
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