SWIFT & Consensys Don Unveil 24/7 Blockchain Settlement System

SWIFT don team up with Consensys and more than 30 global banks dem to develop SWIFT blockchain settlement platform wey go enable real-time, round-the-clock cross-border payments. Dis SWIFT blockchain platform go record transactions using distributed ledger technology (DLT), use smart contracts for instant compliance, and connect fiat rails with public and private networks. Central and commercial banks go select which tokenized assets dem want support, and SWIFT dey process messages for 11,500 institutions for over 200 countries. Consensys go lead proof-of-concept prototype and plan phased rollouts, after that SWIFT and participating banks go manage further development and deployment. The system dey aim to modernize SWIFT’s messaging infrastructure by integrating digital asset transfers, improving security, reducing errors, and cutting fraud risk. As key part of SWIFT’s long-term strategy, dis move fit reshape global payments infrastructure and speed up digital asset adoption.