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SWIFT Officially Announces Major Upgrade 🔗 International Transfers Are About to Change
Cross-border payments giant SWIFT is partnering with 30+ leading global banks and ConsenSys to build a blockchain ledger system, aiming to enable 24/7 instant international remittances.
Key numbers:
• Processes $1.5 quadrillion in transfers annually
• Covers 11,500+ financial institutions
• G-SIBs like JPMorgan, Bank of America, Citi already participating
• Banks from 16 countries provided feedback
This is no small move—SWIFT is joining forces with the Ethereum ecosystem (ConsenSys is backed by an Ethereum founder) to revamp global financial infrastructure. Seamless switching between fiat channels and emerging systems is also in the works.
Real-world impact: Global transfers will shift from T+2 to seconds, with massive job cuts for intermediaries (lol). This move marks the full integration of traditional finance with blockchain technology.