Shinhan Bank to join international 'blockchain payment' project
Uk Jin
Summary
- Shinhan Bank announced it will participate in SWIFT's blockchain-based ledger real-time international payment project.
- The project aims to introduce a blockchain shared ledger into SWIFT's technical infrastructure to verify cross-border remittances and payments.
- With global financial institutions such as Bank of America and Citibank participating, it is evaluated that this could influence the future expansion of the blockchain payment network.
It has been revealed that Shinhan Bank is participating in SWIFT's blockchain-based ledger real-time international payment project.
According to industry sources on the 30th, Shinhan Bank will be the only domestic commercial bank to participate in SWIFT's blockchain-based ledger real-time international payment project. This project is being pursued as SWIFT teams up with ConsenSys (Consensys), an Ethereum (ETH) software developer. The project centers on adding a blockchain shared ledger to SWIFT's technical infrastructure to verify cross-border remittances and payments.
Global financial institutions such as Bank of America (BoA), Citibank, MUFC, and Deutsche Bank are participating in the project alongside Shinhan Bank.
Uk Jin
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