HSBC and Standard Chartered complete 1st Swift interbank blockchain transaction
HSBC and Standard Chartered pulled off the first-ever live interbank transaction using Swift's new blockchain ledger.
This pilot, involving 17 banks worldwide, is all about testing tokenized deposits for instant, round-the-clock payments.
It's a big move toward making cross-border transfers faster and less of a hassle: something traditional banking has always struggled with.
Swift handles $7.5 trillion daily
Swift handles $7.5 trillion daily, so its shift to a blockchain-based system is huge for the industry.
Leaders from both banks say this tech could finally fix old-school issues like slow transfers and poor cash visibility.
Standard Chartered even predicts that within five years, digital bank money will beat out other payment types in big institutional deals, a sign that global finance might be getting a much-needed upgrade.