Giant payment service provider ‘SWIFT’ acknowledges that digital assets are a key component of financial innovation

One of World’s most significant financial organizations, SWIFT, acknowledges digital asset’s inevitability.

Recently, SWIFT (Society for Worldwide Interbank Financial Telecommunication) announced an event, Hackathon 2022, with the theme ‘Digital assets: exploring interoperability and ownership’. In the announcement SWIFT stated ‘digital assets are a key topic on the innovation agenda, as many leading forces in the industry know’.

The event will focus on bringing together world leaders in fintech to collaborate to address the issues that arise in building the digital economy. SWIFT aims to invite the most brilliant minds in the finance industry.

As the theme suggests the participants will discuss the ownership and interoperability issues the industry faces and how they could be solved using digital assets. Notably, SWIFT stated that the organization is already experimenting with digital assets in collaboration with major market players and is also assisting others through its expertise.

The current payment system of which SWIFT is arguably the biggest part, faces some critical problems. The payment method currently prevailing is slow and expensive. Leaders in crypto strongly believe that if the market moves in the right direction huge success can be achieved.

On SWIFT’s part it is a smart move that they are potentially integrating digital assets into their ecosystem. In this way they will be able to avoid a competition with blockchain-based payment companies I.e. Ripple.

Blockchain Payment companies like Ripple offer much faster, cheaper and secure payment services. However, the industry has its own problems to sort out.

Moreover, according to a recent survey, 85% of the finance market leaders around the globe believes that within the next 4 years crypto will be able to bring a social change.