Blockchain is expected to digitize the paper-based guarantee process, reduce possibility of fraud and improve efficiency.
The banks will be mainly involved in testing and validating the application to evaluate how the technology scales and performs.
The federation will include financial technology groups from more than 20 cities across the world.
The paper issued by the companies highlights possible advantages and challenges of adopting distributed ledger technologies to financial services.
The World Economic Forum 2016 in Switzerland is expected to concentrate on the topic of fintech revolution this year.
The Society for Worldwide Interbank Financial Telecommunications has launched a new initiative that is aimed at improving remittance payments with the application of the blockchain technology.
EU ministers want the European Commission to propose controls on virtual currencies like Bitcoin. So far, it won’t happen in a little while, says the SWIFT Institute report.