The Society for Worldwide Interbank Financial Telecommunication (SWIFT) disclosed on Tuesday a partnership with fintech company Symbiont to provide more accurate data for 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 project "could help providers distribute data in near real time to global custody clients." Through Assembly, Symbiont's proprietary technology platform, smart contracts will be used "to create a network effect that leverages the 11,000+ institutions connected to SWIFT globally."
In 2017, Symbiont partnered up with Vanguard to improve price index data distribution through blockchain, consuming data from funds worth $1.3 trillion at the time.
“By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s extensive network, we’re able to automatically harmonize data from multiple sources of a...
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