Banks are applying blockchain technology to traditional banking services, aiming to make them faster, cheaper, smarter, and more resilient. JP Morgan (JPM) is among the leaders through its Kinexys division, and the Society for Worldwide Interbank Financial Telecommunication (Swift) announced this week that it’s jumping on the bandwagon.
Here’s a look at what these financial giants are doing:
(1) Moving swiftly into the future
Swift is working to develop a blockchain settlement system with Ethereum ecosystem developer Consensys and 30 financial institutions, including Bank of America, Citi, JPM, and Wells Fargo. The system will initially focus on real-time, 24/7 cross-border payments, but it is ultimately expected to support the trading of tokenized assets as well, a September 29 article in Cointelegraph reported. North of 11,500 institutions in more than 200 countries use Swift’s infrastructure to process transactions.
