- Swift is reportedly being tested on -chanting and messaging using layer -2 network Linia.
- The project consists of more than a dozen major global institutions that are actively participating in the test.
- Linea was selected for its ZK rollup technology, which offers low cost and high-thrupoot transactions.
Swift is allegedly planning to test the payment transaction and messaging on -chain in partnership with more than a dozen larger banks using the Atherium Layer -2 network Linia.
Swift plans to test payment and messaging infrastructure on-chain
Global Financial Messaging Co-operative Swift is planning to experiment with more than a dozen major institutions with on-chain, according to A Report From big whale on Friday.
Institutions including banks BNP Paribas and Bny Mellon have chosen Linia for the project for the project. The use of the Linea network focuses its focus on privacy through its ZK rollup.
Linea is an atherium rollup designed to provide low gas fee, high throwput, and rapid transactions through its advanced ZK-RLLUP technology.
The report, citing a formula of one of the banks, states that the project will take months to complete, but may bring a major technical change in international interbank payment.
Swift indicated on Thursday that it is developing new rules with a coalition of banks taking more than 30 initial-focus to set a standard for border payments by consumers and small businesses.
Initiative The goal is to extend the leg beyond the pay, where the progress has already been made. It wants to reduce the delay in the “last mile”, the domestic phase of the transaction that is 80% of the total time due to local rules and infrastructure.
Cooperative in October last year announced that banks in North America, Europe and Asia had started a live testing of digital asset transactions on their global message network.
The test enables cross cross transactions in both fiat and digital currencies, with the aim of connecting digital and traditional currency platforms through the infrastructure of the Swift.
The use of Linea may indicate progress in Swift’s plan, although there is no official term to confirm claims.
The move reflects the change towards the traditional financial sector digital assets in the last few months, as regulatory pressures have reduced globally.
In July, the US implemented the Genius Act to regulate Stabelcoin activities throughout the region. moreover, Nine EU Bank Crypto assets (MICA) are planning to launch a euro-supported stabecoin complying with markets in regulation.
