Partnerships & Technology - Chainlink, SWIFT, and major institutions are collaborating on a blockchain solution [1] - The blockchain solution aims to address $58 billion in corporate action inefficiencies [1]

We're proud to share that Consensys is supporting SWIFT with early-stage prototyping as the global financial infrastructure adds a blockchain-based digital ledger to its technology stack.@swiftcommunity's move is a pivotal one for global finance, beginning with instant, always-on cross-border payments at unprecedented scale. 👇 ...

Core Insights - Qatar National Bank Group (QNB) has adopted JPMorgan's blockchain platform, Kinexys, to enhance corporate digital payments in the region, addressing the limitations of traditional banking infrastructures [1][2][3] Group 1: Departure from Traditional Banking - Traditional finance systems restrict cross-border payments to weekdays, often resulting in transaction delays of several days [2] - By utilizing Kinexys, QNB aims to provide a more efficient payment system that operates continuously, with lower transaction fees and the capability to process payments in real-time [3] Group 2: Blockchain Payment System Features - Kinexys can handle up to $3 billion in daily transactions, although this is a small portion of JPMorgan's total daily payment volume of approximately $10 trillion [3][4] - The platform allows clients to transfer funds in real-time, significantly improving transaction speed, with QNB claiming payments can be guaranteed in as fast as two minutes [5] Group 3: Industry Trends - SWIFT is also exploring blockchain technology by collaborating with Consensys to develop a 24/7 real-time cross-border payment system, indicating a broader industry shift towards blockchain solutions [5][6] - The focus on compliance and interoperability with existing and emerging networks is crucial for both QNB and SWIFT as they bridge traditional finance with digital assets [6]

Core Insights - SWIFT's development of its own blockchain ledger in partnership with Consensys may hinder the global adoption of digital challengers like Ripple and Stellar [2][7] - Despite the promise of blockchains like Ripple and Stellar as alternatives to SWIFT, they have not significantly impacted SWIFT's market share in cross-border payments [1][5] Group 1: SWIFT's Position and Innovations - SWIFT has been upgrading its infrastructure to meet consumer expectations for faster money transfers, integrating systems like FedNow, but transfers can still take up to five business days [5][6] - SWIFT's innovation labs have been working on blockchain solutions since at least 2022, exploring the integration of central bank digital currencies (CBDCs) and tokenized assets into existing financial systems [6][8] - The organization is positioning itself as an intermediary that connects banks with emerging blockchain platforms, indicating a commitment to blockchain technology [7][8] Group 2: Competitors' Perspectives - Ripple has positioned itself as a direct competitor to SWIFT, arguing that blockchain technology can eliminate the need for intermediaries in financial transactions [3][4] - Stellar also critiques SWIFT's inefficiencies, suggesting that a faster and cheaper blockchain solution should replace the incumbent payment network [4]

RT Cointelegraph (@Cointelegraph)🔥 JUST IN: Chainlink, SWIFT, and major institutions launched a blockchain solution to address $58B in corporate action inefficiencies. https://t.co/JchitjNuqw ...

RT BSCN (@BSCNews)🚨JUST IN: @CHAINLINK AND 24 FINANCIAL INSTITUTIONS, INCLUDING @SWIFTCOMMUNITY, @THE_DTCC, AND @EUROCLEARGROUP TEAM UP TO LAUNCH INITIATIVE TO ADVANCE ONCHAIN CORPORATE ACTIONS ...

🔥 JUST IN: Chainlink, SWIFT, and major institutions launched a blockchain solution to address $58B in corporate action inefficiencies. https://t.co/JchitjNuqw ...

🚨JUST IN: @CHAINLINK AND 24 FINANCIAL INSTITUTIONS, INCLUDING @SWIFTCOMMUNITY, @THE_DTCC, AND @EUROCLEARGROUP TEAM UP TO LAUNCH INITIATIVE TO ADVANCE ONCHAIN CORPORATE ACTIONS ...

Industry Trend - SWIFT community is exploring a blockchain-led ledger solution [1] - The new ledger aims to enable real-time cross-border payments [1] - The solution potentially impacts over 200 countries [1]

⚡️ JUST IN: SWIFT is building a blockchain ledger with 30+ banks using Consensys. https://t.co/N77v4vJWRd ...