HSBC and Standard Chartered Complete First Live Interbank Transaction Using Swift’s Ledger
- HSBC and Standard Chartered conducted the first live interbank transaction using Swift’s ledger in August.
- DBS and Citi executed a cross-border dollar payment over the weekend, completing it in minutes instead of two business days.
- Brahimi stated that the additional technology for banks is not a major hurdle for those managing digital assets.
- Taurus announced its integration with Swift, providing a permissioned ledger, wallet-management tools, and tokenization software on one platform.
- Tokenized deposits remain primarily an institutional product due to the need for shared standards between banks.
The completion of these transactions highlights the advancements in blockchain technology within traditional banking systems. The integration of Swift’s ledger by firms like Taurus aims to streamline operations while providing banks with essential infrastructure for digital asset management.
The successful interbank transaction by HSBC and Standard Chartered marks a significant milestone in utilizing blockchain technology for banking operations.(Source)
