Swift launches blockchain pilot for corporate actions data

Swift launches blockchain pilot for corporate actions data

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced a partnership with fintech company Symbiont to provide more accurate data to financial firms through blockchain technology.

Vanguard, Citigroup, American Century Investments and Northern Trust are among the companies participating in the initiative.

According to the announcement, the pilot will seek to use Symbiont’s proprietary technology platform, Assembly, using its smart contracts and blockchain capabilities to deliver automated corporate actions data to multiple market participants in near real time.

"If the solution proves successful, intermediaries would need to field fewer queries from clients about corporate action data," says SWIFT CIO Tom Zschach.

In February, the European Commission deactivated the SWIFT network for several Russian banks as part of broader sanctions.

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