SWIFT to progress blockchain corporate actions pilot to the next stage
Yesterday SWIFT shared the results of its latest corporate actions blockchain pilot, which it declared a success with plans to progress the work. The latest experiments involved six organizations, including American Century Investments, Citi and Northern Trust. In the previous trial, Vanguard was also a participant.
With corporate actions, whether it’s dividends, general meetings or a stock split, the problem is that intermediaries receive data from multiple sources, which invariably does not match. As a result, asset managers, custodians and brokers must do a lot of manual work to establish the correct data. The goal of this pilot is to create a golden copy of the data which is shared amongst the participants.
