The interbank messaging platform Swift ended its Blockchain Proof-of-Concept with SmartContract. The Proof-of-Concept is the very first project by Swift using SmartContract’s ChainLink v1.0. It lets users connect smart contracts with data feeds and payment methods.
SmartContract’s founder Sergey Nazarov in a press release, said, “We have completed a phase one PoC with Swift, and are inactive conversations about how to move further with the work we’ve done.”
Earlier, Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it is working towards developing Proof of Concept (POC) by collaborating with different banks worldwide. The aim of developing PoC is to evaluate the effectiveness of Distributed Ledger Technology, or Blockchain, and to improve the real-time reconciliation of accounts by banks held in the foreign currency named Nostro accounts.
PoC Phase One Testing by Swift
Swift, when launching the PoC, announced there would be different phases of testing. For the testing purpose, Swift set up five separate nodes, having stimulated the California (Swift office) network to account service in Virginia.
Australia and New Zealand Banking Group, BNY Mellon, RBC Royal Bank, and Wells Fargo were the banks that participated in phase one to introduce Blockchain technologies. During this phase, the company will identify challenges, will decide specifications, and there will be improvements in the application. The PoC is introduced to make cross-border financial transactions user-friendly.
The Society for Worldwide Interbank Financial Telecommunication was founded in 1973 with the support of 293 banks in 15 countries. The aim of launching Swift is to establish a smooth financial transaction and data processing system. In the year 2018, more than half of all high-value cross-border payments were made using the Swift network.
SmartContract was founded in 2016 in New York and is among the several Blockchain startups selected by Swift for a PoC contract. The company introduced a cryptographic token called LINK, which will power its digital transaction network.