Germany’s DekaBank founded SWIAT with a grand plan to bring together global financial institutions on a shared digital asset platform, similar to what SWIFT has done for payments. SWIAT stands for secure worldwide interbank asset transfer and is an enterprise blockchain platform where banks control the nodes. It says it’s had interest from the likes of LBBW and Standard Chartered, although there are no formal commitments as yet.
Two executives from DekaBank, Germany’s fourth largest asset manager, outlined the project yesterday during the European Blockchain Convention.
The problem that SWIAT wants to solve in the securities sector is familiar to incumbents. “We have a very fragmented hierarchical financial infrastructure which slows down the velocity of transactions and is extremely expensive and extremely ineffective,” said DekaBank board member Martin Müller.
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