In a significant move to modernize banking workflows, Project Pax has been launched through a collaboration between Progmat and Datachain. This innovative initiative seeks to integrate the SWIFT API with the Inter-Blockchain Communication Protocol, paving the way for enhanced financial operations. According to the assessment of specialists presented in the publication, this integration is expected to streamline processes and improve transaction efficiency.
Overview of Project Pax
The primary goal of Project Pax is to upgrade the settlement infrastructure within the banking sector. By leveraging the capabilities of blockchain technology, the project aims to facilitate real-time settlement processes, which can lead to faster transaction times and reduced operational costs.
Compliance and Innovation
Moreover, Project Pax is designed to maintain existing compliance controls, ensuring that financial institutions can adopt these advancements without compromising regulatory standards. This dual focus on innovation and compliance positions Project Pax as a forward-thinking solution in the evolving landscape of financial technology.
IOTA has recently launched initiatives aimed at transforming global trade through blockchain technology, focusing on tokenizing real-world data and assets. This development contrasts with Project Pax's efforts to modernize banking workflows. For more details, see IOTA's initiatives.
