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(Kitco News) – The Society for World Interbank Financial Telecommunications (SWIFT), the messaging system used by financial institutions around the world, is testing blockchain through a pilot program launched by blockchain enterprise Symbiont. clarified.

According to a post from SWIFT, several prominent giants in the financial world will join SWIFT in the project, including Citigroup Inc, Vanguard and Northern Trust. The pilot program’s goal is to increase the “efficiency of delivering significant corporate events,” such as dividend payments and mergers.

The SWIFT system currently delivers secure messages between over 11,000 businesses in over 200 countries and territories, helping manage trillions of dollars in transactions.

Through a new pilot project, SWIFT will utilize Symbiont’s “Assembly” platform with smart contracts and blockchain capabilities to “create a network effect leveraging more than 11,000 SWIFT-connected institutions around the world,” the post said. said.

According to Tom Zschach, Chief Innovation Officer at SWIFT, the overall goal of the project is to increase the efficiency of the SWIFT system.

“By combining Symbiont’s Assembly and smart contracts with SWIFT’s extensive network, we can automatically reconcile data from multiple sources for corporate behavioral events,” said Zschach. “This can lead to significant efficiencies.”

To achieve the desired goal, business behavioral data from SWIFT messages are translated by the “SWIFT Translator” tool and uploaded to Symbiont’s blockchain. From there, smart contracts are used to “compare information shared between participants and flag discrepancies, discrepancies, and discrepancies between custodians.”

Symbiont’s private blockchain solution eliminates financial market inefficiencies by increasing transparency through the creation of a single, immutable record that provides digital audit trails, privacy, versatility, and delivery of critical statistical data. It is hoped that it will help resolve sexuality.

“If the solution is successful, intermediaries will need to reduce client inquiries about business behavioral data. It also means that we can reduce the number of ,” says Zschach.

The pilot is currently in development and being tested by a select group of participants who will provide feedback in September. If it is successful, SWIFT plans to expand coverage to more corporate event types and evaluate the possibility of bringing it into production for the wider SWIFT community.