Swift Praises Corporate Actions Data Blockchain Pilot

Swift, a group of banks that work together, has finished its blockchain-based corporate actions pilot and called it a “compelling solution.”

Six people in the securities industry, including American Century Investments, Citi, and Northern Trust, took part in the pilot. The goal was to find ways to make it easier and less expensive to tell investors about important corporate events.

The testing showed that the experimental technology could help the industry by giving investors a clear and consistent picture of corporate actions and quickly letting them know when changes or updates happen.

Swift says that the blockchain-based system has shown that it has the potential to cut down on the amount of manual work and mistakes in processing corporate actions and give market participants operational efficiencies.

The co-op plans to look into the tech more with the rest of its community to figure out what it needs to be a fully viable and scalable offering, as well as what other features and uses it could have.

“Our experiments harnessed the power of blockchain technology to give all market participants a single, accurate view of a corporate action event,” says Tom Zschach, chief innovation officer, Swift. “We will now work closely with our community to assess all the features that are needed for developing a scalable industry-wide solution to this longstanding problem.”