Veterans of PayPal launched an analogue of SWIFT
Date: 2023-06-30 Author: Karina Ziganova Categories: BLOCKCHAIN
Founded by PayPal veterans in 2021, fintech startup Six Clovers has launched the Versal network on the Sui blockchain. It is reported by The Block.
Versal combines blockchain technology with fiat infrastructures and allows for faster, more cost-effective and secure international payments. The Six Clovers API allows you to integrate the Versal network into stacks, making real-time payments in stablecoins and central bank digital currencies (CBDCs).
According to Six Clovers CEO Jim Nguyen, Versal will bridge the gap between the Web2 and Web3 spheres by "abstracting the blockchain and making the infrastructure invisible to customers."
"We're accelerating the time-to-market for businesses to build efficient and easy-to-use payments and digital asset applications," Nguyen said.
How Versal wants to become an analogue of SWIFT
Similar to the SWIFT payment system in traditional finance, Versal will provide a state-of-the-art payment infrastructure while maintaining regulatory compliance and transaction privacy. However, unlike the traditional system, the solution works around the clock and without intermediaries.
Greg Siorunis, managing director of the Sui Foundation project, said that Versal will be able to seamlessly integrate blockchain payments into enterprise applications. What's more, blockchain offers infinite scalability that is "perfect for the next-generation Web3 payment network."
SWIFT is eyeing the blockchain
The SWIFT system began to explore ways to use blockchain last fall. As part of an experiment with fintech companies Symbiont, Vanguard, Northern Trust and Citigroup, SWIFT tested the functionality of the blockchain when informing about important corporate events such as dividend payments or mergers.
A few months later, several banks from around the world began testing the transfer of digital national currencies through SWIFT. The experiment involved the French BNP Paribas, the Italian Intesa Sanpaolo and the British Standard Chartered (STAN), as well as the Central Banks of France and Singapore. The project has already completed the first stage of testing, the next step is to evaluate trade finance and securities settlements.
