SWIFT CBO: Over 30 global banks collaborating on blockchain system

Thierry Chilosi, Chief Business Officer (CBO) of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), stated in a recent interview that the organization is collaborating with a global group of more than 30 banks. He explained that SWIFT is advancing a plan to add a blockchain-based ledger to its existing infrastructure and is finalizing the ledger's design with its banking partners. Chilosi also emphasized to Michael Spiegel, Global Head at Standard Chartered, that collaboration is essential to realize the benefits of scale. This development follows a previous announcement that SWIFT is working with ConsenSys to develop a blockchain-based payment system.