SWIFT Partners With Blockchain Symbiont
SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is collaborating with the blockchain enterprise company Symbiont on a project.
According to a post obtained by Bloomberg, the endeavor will feature titans such as Citigroup Inc, Vanguard, and Northern Trust and will aid increase communication between key business events.
The collaboration’s major goal is to automate the workflow, which will be accomplished using Symbiont’s Assembly tool. The society providing services will be able to create a network effect that utilizes our 11,000 plus institutions connected to SWIFT internationally by utilizing Symbiont’s blockchain and smart contracts, according to the post.
Symbiont blockchain will examine corporate action data uploaded by SWIFT’s translator tool and compare it to information provided by participants to look for discrepancies, contradictions, or inconsistencies between custodians.
Chief Innovation Officer at SWIFT Tom Zschach said in the post:
“By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s extensive network, we’re able to automatically harmonize data from multiple sources of a corporate action event. This can lead to significant efficiencies.”
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