Vanguard, Citigroup, American Century Investments and Northern Trust are among the companies participating in the initiative.
According to the announcement, the pilot will seek to use Symbiont’s proprietary technology platform, Assembly, using its smart contracts and blockchain capabilities to deliver automated corporate actions data to multiple market participants in near real time.
"If the solution proves successful, intermediaries would need to field fewer queries from clients about corporate action data," says SWIFT CIO Tom Zschach.
In February, the European Commission deactivated the SWIFT network for several Russian banks as part of broader sanctions.
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