SWIFT Launches Blockchain System For Effective Corporate Actions Data Processing

The project will attempt to employ Symbiont’s unique technology platform, Assembly, to cost-effectively transmit corporate activities data to numerous market players in near real-time utilizing smart contracts and blockchain capabilities.

SWIFT has enlisted the participation of several renowned custodians and asset managers, including American Century Investments, Citi, Vanguard, and Northern Trust.

According to a SWIFT analysis, human tasks such as data purification, formatting, and interpretation account for 30% of the cost of processing corporate action data.

“By combining Symbiont’s Assembly and smart contracts with SWIFT’s broad network, we can automatically harmonize data from numerous sources of a business action event,” said SWIFT CIO Tom Zschach. “This has the potential to result in huge savings,” he added.

The project is currently in development with a pilot group of participants who are expected to test it and provide feedback later this month.