GFT joins ecosystem as validator to strengthen reliability for financial institutions

LONDON, Sept. 26, 2023 /PRNewswire/ -- With the value of tokenised assets expected to grow by 60 percent a year, reaching over 3 trillion euros by 2030 in the European market alone, SWIAT aims to create a single global standard for the processing of blockchain-based securities.

As a partner GFT will provide selected blockchain nodes such as validator nodes and ensure that incoming blockchain function calls are validated and correctly executed according to predefined rules and protocols. Its involvement at this early stage will give the company a unique understanding of the system, enabling its own customers to easily access this groundbreaking network.

Henning Vollbehr, CEO of SWIAT, said: "With GFT's support as a validator we further increase the reliability and decentralisation of the SWIAT platform and make it easier for financial institutions to integrate our software solutions for issuing digital assets into their infrastructure."

"Open Finance is the future, and DLT technology is the basis for it. Our collaboration with SWIAT solidifies GFT's role at the helm of this transformation," said Marika Lulay, CEO of GFT. "This isn't just a partnership; it's a great opportunity - both for our clients who want to be ahead of the competition, and for ourselves. We're not just embracing change, we're driving it."

Fully compliant and future ready network

A key feature of the SWIAT ecosystem is that capital market law, compliance and regulatory aspects are already taken into account in the conception phase. In this way, SWIAT offers its users a high level of security and compatibility with regulatory requirements.

SWIAT's validator partners specialised in IT and digital processes already work with financial institutions and fulfil compliance and regulatory requirements. This creates the greatest possible degree of reliability for financial institutions wishing to use the SWIAT platform.

As well as strengthening the platform, this win-win partnership brings several benefits to GFT and their clients:

The partnership further demonstrates GFT's leadership and commitment to DLT based open finance.
The partnership puts GFT clients at the heart of the SWIAT ecosystem and at the forefront of developments in financial technology.
GFT's involvement at this stage will give the company a unique understanding of the system, and how to help clients use these new solutions early on.
With several major banks already at the start, it will be a stepping stone to push DLT based international finance in the global markets.

Committed to the future of open finance

The partnership with SWIAT complements GFT's involvement with the Universal Digital Payments Network (UDPN) as one of the developers of that network. The UDPN is a DLT-underpinned messaging backbone focused on providing interoperability between the fast-growing number of different regulated stablecoins and CBDCs, and seamless connectivity between any business IT system and regulated digital currencies. Today, more than 20 participants from different industries (financial institutions, payment service providers, consulting and legal firms, and businesses) and geographic regions are testing the 12 PoCs available in the UDPN Sandbox.

GFT's close association with both platforms puts them at the very core of developments in digital currency and asset tokenisation. The company is now well-placed to shape the future of this fast-growing market.

www.swiat.io
www.gft.com
www.udpn.io

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View original content:https://www.prnewswire.co.uk/news-releases/swiat-cooperates-with-gft-to-offer-secure-compliant-global-blockchain-platform-301938889.html

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