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Banks need separate digital asset infrastructure to use the blockchain-based ledger of the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, Taurus co-founder Lamine Brahimi said, according to CoinDesk.
Brahimi said connecting to the SWIFT ledger requires a bank’s own permissioned ledger, digital asset wallet, tokenization capabilities, and smart contract functions. CoinDesk added that the SWIFT ledger serves to connect deposit tokens between banks, while each bank’s own system handles deposit management and smart contract processing. In July, SWIFT said 17 banks were preparing real-world transactions involving deposit tokens, and HSBC and Standard Chartered have since completed the first live interbank transaction, while DBS and Citi carried out cross-border payments.