More than 30 of the largest banks worldwide join in the design, development, and testing of the new offering, SWIFT announced at the Sibos conference. Initially, SWIFT will collaborate with blockchain software developer Consensys on a conceptual prototype of the ledger, which will support interoperability across current and emerging systems. “We believe blockchain technology can usher in the next generation of ‘always-on’ and ‘smarter’ financial services. SWIFT’s initiative goes a step further – it is interoperable with traditional correspondent banking rails, has a high transaction capacity within a secure environment, and is accessible by SWIFT’s global banking network. These characteristics are critical in supporting broad-based reach and adoption, and have the potential to form the backbone of a resilient and future-ready global financial infrastructure.”