SWIFT Completes Blockchain Powered Corporate Events Communication Solution
Swift has effectively completed a blockchain-powered corporate initiatives trial, which it describes as a “compelling solution.” The trial, which was conducted with six participants from the securities sector, including American Century Investments, Citi, and Northern Trust, aimed to identify methods for minimizing the high costs related to relaying significant company happenings to investors.
The evaluation determined that the newly developed technology could be advantageous to the business community by offering a straightforward and unified perspective on corporate actions all over the investor community and by alerting rapidly when modifications or revisions occur. Swift states that the blockchain-powered solution has “shown its ability to substantially decrease human labor and mistakes during corporate action handling and to provide efficiency in operation for market players.”
The co-op intends to investigate the technology additionally with its larger community in order to determine the necessities of a fully feasible and scalable offering, and also the need for more capabilities and usage cases. According to Swift’s chief innovation officer, Tom Zschach, “our trials leveraged the strength of blockchain technology to provide every market player with a sole, precise view of a corporate action occurrence.” “We are now going to work actively with our stakeholders to evaluate all the attributes required for creating a scalable, across-the-industry solution to this enduring issue.”