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Russian analogue of SWIFT on the blockchain is ready for use in banks

The press service of the NTI Platform announced that the pilot version of the Russian analogue of SWIFT on the blockchain is ready. The new decentralized interbank financial messaging system is available to all banks for testing.

The pilot version of the decentralized interbank financial messaging system is ready for testing and can be used in banks. The project was developed by the NTI Competence Center “Distributed Registry Technologies of St. Petersburg State University.

“NTI Platform”

During testing, it was revealed that the system shows very good results. Alexander Kireev, technical director of the NTI Competence Center at St Petersburg University, said that the design speed reaches more than 25,000 messages per second per node, with the possibility of further scaling.
“Domestic SWIFT” does not use a classic blockchain, but a three-tier architecture in which a distributed ledger is signed and distributed in a certain way. Thanks to this, the system can expand, connect a large number of new users.
The exchange of interbank financial messages using blockchain technologies allows creating safe and reliable conditions for all participants.
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