HSBC, StanChart Crack 24/7 Payments

HSBC and Standard Chartered have executed the first live banking transaction on Swift's 24/7 ledger, a major milestone in the development of cross-border payments.

The transaction connected the banks' separate tokenized deposit systems through Swift's ledger, enabling the transfer of funds between the two banks in a secure and efficient manner.

This achievement marks a step towards interoperable, 24/7 cross-border payments, allowing for faster and more reliable transactions across borders.

## What it means The successful execution of this transaction demonstrates the potential for Swift's 24/7 ledger to facilitate seamless cross-border payments, reducing the need for intermediaries and increasing the speed of transactions. This development can have significant implications for global trade and commerce, enabling businesses and individuals to conduct transactions more efficiently and effectively.

## Why it matters The ability to conduct cross-border payments in a secure, efficient, and reliable manner is crucial for global trade and commerce. The current system often involves multiple intermediaries, resulting in delays and increased costs. Swift's 24/7 ledger has the potential to address these issues, providing a more streamlined and cost-effective solution for cross-border payments.