SWIFT to trial corporate actions on the blockchain with Northern Trust, Vanguard

SWIFT announced that it’s working with seven securities players – including American Century Investments, Citi, Vanguard and Northern Trust – to drive efficiencies in communicating significant corporate events. The project will trial a solution that uses Symbiont’s enterprise blockchain platform.

As part of a new pilot project to further automate and increase the accuracy of the corporate action workflow, SWIFT is trialing fintech Symbiont’s proprietary technology platform, Assembly, using its smart contracts and blockchain capabilities to create a network effect that leverages the 11,000+ institutions connected to SWIFT globally.

Also participating in this initiative are a number of leading custodians and asset managers, including American Century Investments, Citi, Vanguard and Northern Trust.

“By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s extensive network, we’re able to automatically harmonize data from multiple sources of a corporate action event,” said Tom Zschach, chief innovation officer at SWIFT, in a statement. “This can lead to significant efficiencies. Corporate action data from SWIFT messages is translated by the SWIFT Translator and uploaded in Symbiont’s blockchain. Their smart contract technology can then compare information shared between participants and flag discrepancies, contradictions or inconsistencies across custodians.”

Read the full release

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