Swift announced plans to install a blockchain on top of its network at the Sibos payments industry conference two weeks ago, marking what Thomas Zschach, the company’s Chief Innovation Officer, described as one of the most significant announcements in the cooperative’s recent history.
Speaking at an Institute of International Finance event, Zschach outlined how Swift is responding to customer demand for round the clock cross border payment capabilities. The initial focus will be narrow: enabling interbank payments using tokenized assets to serve financial institutions, smaller banks and corporate treasurers.
The Swift executive emphasized that new payment technologies must coexist with existing systems. “This is not really about disruption. It’s about choice,” Zschach said, noting that the transition from traditional rails to new digital assets will be evolutionary rather than revolutionary.
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