With the advancement in crypto users globally, several fintech agencies and various traditional banks are now beginning to plan out strategies that might facilitate the route for the implementation of virtual property and cryptocurrencies.
SWIFT is one such global banking firm that accepted this in the month of July beginning, commenting: that “digital assets are a key topic on the innovation agenda, as many leading forces in the industry know,” at the time of declaring the SWIFT Hackathon 2022.
This event will be another one of the strategies thrown around in order to hit the target of collaborating with the leaders in the fintech market and discuss the most problematic technological issues that hinder the development of the virtual exchange.
Throughout the Hackathon, SWIFT expects to welcome the company of the most intelligent brains of the technical work and the vanguard of finance. Additionally, the theme of the Hackathon is decided to be ‘Digital assets: exploring interoperability and ownership,’ implying that the various firms will target reasoning the identification of authorship of virtual properties and figuring out interoperability among the portals that process such exchanges.
It is also noteworthy that SWIFT aims to bring together experts related to the latest technologies around such troublesome situations at the forefront and give them a platform to disclose their experience and contribution.
SWIFT facilities to smoothen the dealings to execute the financial transfers and payments among banks globally affirmed the use case of crypto in international payment settlement. It further confirmed that the company is experimenting with digital assets and collaborating with leading fintech companies.
The firm further comments, “Participants should address one or more of the following use cases: coin-to-coin, tokenized asset to a single currency, tokenized asset purchase with multi-linking.”
Blockchain project such as Ripple is aimed to disrupt the international payment by offering lighting fast settlement of across border transactions at fraction of fees charged by banks. Although it is not matured enough to take over the legacy system like SWIFT, it can surely force to explore the possibilities blockchain offers over the traditional infrastructure.