Interbank system of information transfer and Commission of payments of SWIFT, has finally launched its own payment blockchain system. The new system will be used by the company to solve the problems of delayed payments.
It will also enable banks and other financial institutions to work on the platform, the company easily getting access to APIs to each other, and also faster to verify accounts and process the payments. They will also be able to access shared data and edit them using a distributed registry, hosted in the cloud.
The service provider financial messages made this move in response to the requirements of numerous members of its platform, which are usually faced with the problem of delayed payments.
Many of the SWIFT network users, such as banks and other payment systems, are now showing interest in the new system. About 15 banks, among them JPMorgan, has moved to the new platform.
Earlier, there were rumors that SWIFT and Ripple will become partners, but it is now clear that SWIFT had not planned to do so.
The Belgian company, it seems, does not wish in any way to be associated with kakimi-or FINTECH companies. It is possible that the company is now trying to regain lost clients who moved to the platform Ripple due to problems with the SWIFT speed of payment processing.
SWIFT is a widely known brand in the field of payment processing, and the launch of the new system may put the company in the best position before competing FINTECH startups. It seems that the company does not intend to take the position of the latter-day competitors.
SWIFT also now sets the tone for other traditional payment networks that may also pass on the blockchain.