The Multinational SWIFT it's developing new technologies and Blockchain is one of them

The multinational cooperative governed by the  financial institutions member, SWIFT (Society Worldwide Interbank Financial Telecommunication) in its latest published document, Future Of Payment, indicate that they are designing the future of border finance, and they affirm that it will be so fast and fluid that it will not be different to domestic payments.

A new generation of border payments

Although the banking communication giant will continue to be governed by financial institutions, it plans to invest in new technologies that allow it to compete with those in the international payment market, since SWIFT is in a do or die in this market.

In addition to reporting the progress made with the development of centralized APIs (application programming interface) and how they are tested under the same security standards as their other products and reveal the intention to use a more open system thanks to the aforementioned API's; It should be remembered that the API's are used in the blockchain technology which raises expectations of a possible corporate incursion into it, to which SWIFT adds "we are open to new technologies but we will not use them to perform circus tricks".

In the innovation section of the published bulletin they declare that, in order to implement new technologies, they must first generate the necessary tools so that their community can accept the cost of innovation efficiently. They emphasize, the differences between the money "captive" and tokenized with their ecosystem, to which they explain that said "tokens" work without problems within the universe to which they were created but that at the moment of withdrawing value from those tokenized systems it is rarely efficient and mostly impossible.

Here at the TechContador we assume that the project to improve the response capacity of SWIFT based on the blockchain will come as a possible successor to the GPI (Global Payment Innovation) project that indicates that it has already been tested and that will generate better response times between the depositor , the communicator and finally the receiver of said financial information. All this at the end of 2020 with the ISO-20022 and the formalization of the global use of GPI within its financial communication platform. And although we do not completely agree with your statements within this bulletin, we are excited to know that an organization of the scope of SWIFT feels the need to adapt to a technology that was not far from the topics of discussion of large financial organizations .

Undoubtedly, the North of the financial industry will be based on blockchain technology in the long term because transactions can be faster than a national or international financial transaction and in turn remain auditable and public. ¿Will it be developed in the short term? that for us if it would be a "breaking news" without doubts.