According to Cointelegraph, companies such as Vanguard, Citigroup, American Century Investments, Northern Trust, among others, are the companies who will be collaborating with the financial platforms for the initiative
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) recently announced their partnership with financial technology (fintech) company Symbiont for giving market-based data for financial firms through utilisation of blockchain technology, as reported by Cointelegraph.
According to Cointelegraph, companies such as Vanguard, Citigroup, American Century Investments, Northern Trust, among others, are the companies who will be collaborating with the financial platforms for the initiative. As per the announcement, the project aims to help providers distribute data in near real time to global custody clients. Usage of Assembly will allow Symbiont’s proprietary technology firm and smart contracts to create a network effect to leverage over 11,000 institutions connected to SWIFT, globally. In 2017, Symbiont collaborated with Vanguard to make changes to price index data distribution through blockchain, consuming data from $1.3 trillion worth funds.
“By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s network, we’re able to harmonise data from multiple sources of a corporate action event. The Assembly’s smart contract would allow to compare information shared between participants and flag discrepancies, contradictions or inconsistencies across custodians,” Tom Zschach, chief innovation officer, SWIFT, said.
