Swift is not a network.
Swift’s global payments system, which was introduced in the 1970s was quite fast compared to other methods of sending money. But Swift hasn’t evolved much since then, and today international payments still take between One to four day Clear.
Not exactly “swift.”
Swift is preparing for crypto.
Swift has partnered with the blockchain oracle network Chainlink (LINK) to do an “experiment” to transfer “tokenized assets” across dozens of financial institutions and multiple blockchains.
They don’t want to scare away the bankers. Let me translate: Swift is preparing to launch crypto.
“Our view,” says Swift in their report, “is that a common connectivity layer is critical to eliminating friction and enabling interoperability between the existing financial system and
blockchains to create a unified global market.”
Translation: Crypto is on the way, and we’re here to support you.
This is a very big deal. Today, crypto is only for geeks and nerds. Swift is planning for a future in which every bank will support crypto.