Swift is known mainly for its global messaging network that links so many institutions around the globe.

The network allows for the rapid exchange of critical information that facilitates actual transactions. The non-profit organization thinks that there are other benefits to its system beyond transactions, notably facilitating the exchange of information securely.

Bloomberg explains: “The way SWIFT envisions it, trusted companies such as banks and cellular carriers would have the right to set up so-called digital asset accounts to store details about users’ online activities, as well as health and financial records. Account holders could use the SWIFT system to release information to third parties at their discretion. They might agree to provide their data to a merchant in exchange for a discount, for instance, or sell information to data-collecting companies.”

It sounds great on paper and it sounds even better given that it is coming from an established brand name. But there’s no point getting too excited about this now, as the launch would not be for another five years. Still, the idea is worth pondering in many variants. The best approach to secure handling for personal information will likely require lots of cooperation among companies and it may be best to establish a centrally system perhaps owned by many banks and others. We may see other companies run with the idea a bit faster.

For more:
- here’s the Bloomberg article