SWIFT announces it's going all-in on blockchain and open finance

The stage is now set. Tech companies in one corner, banks in the other and blockchain between them.

One of the most striking revelations of Facebook’s Libra blockchain reveal was the fact that Facebook and a very tech-oriented conglomeration that includes some of the world’s biggest names, announced that they were going all in on blockchain for payments.

And now today, less than a week later, SWIFT has released a new paper, Payments: Looking into the future, written by outgoing CEO Gottfried Leibbrant and CMO Luc Meurant, which is just as significant. It announces in no uncertain terms that SWIFT will be pulling all the world’s banks onto a blockchain network, for third party businesses to develop their own financial services and apps within the ecosystem.

This is the big one.

We now have banks in one corner and a tech giant in the other. Both corners are fighting for global payments, both corners have explicitly said that the only way anyone can compete going forwards is to use open systems, and both have explicitly said that they’re going to be using blockchain to do it.

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Source: SWIFT announces it’s going all-in on blockchain and open finance | Finder