SWIFT To Integrate FinTech And Blockchain But World Experts Advise Understanding It First
What will be the consequences of Blockchain integration in SWIFT’s system for global banking and for all cryptocurrencies? World experts commented to CoinTelegraph regarding the announcement of Wim Raymaekers, Head of Banking and Treasury Markets at SWIFT. According to Raymaekers, the international provider of secure financial messaging services may integrate FinTech innovations, including Blockchain, to implement faster and transparent cross-border payments. International Business Times reports that SWIFT plans to launch this initiative early in 2016. Wim Raymaekers said: "We can look at....
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Will the blockchain replace SWIFT? No fringe concept, the question has long been openly asked by innovators in the blockchain industry as well as FinTech professionals due to the potential of the technology to replace financial intermediaries. As the "global backbone of the financial industry", this is notably one of the core functions that SWIFT today serves. Accordingly, the question of how SWIFT would respond to this potential threat gained new definition this week with the news that the financial messaging services provider is working to build its own distributed ledger....
Sometimes it is hard to understand just how little finance institutions actually understand blockchain technology. While blockchain is certainly not a panacea for financial institutions, it’s pretty close. And SWIFT is certainly no match. In a recent article featured on the website American Banker, the ability for blockchain tech to render an antiquated settlement and messaging technology called SWIFT was discussed. Apparently the mere mention of blockchain displacing SWIFT was shocking to bankers. That is just how ready for, forgive me for dropping this word, disruption these groups are.....
When it comes to innovations in the financial sector, most experts are looking towards London, as it is the financial capital of the world. But these experts tend to forget that Fintech innovation can come from any corner of the world, as not all of the development focused in centralized in London itself. In fact, there are at least five major cities....
This news comes at the time when experts assumed adoption of distributed ledgers was still five to ten years away. Once again, the so-called experts have been proven wrong, and it is not the last time that will happen. Blockchain adoption by traditional financial institutions will not happen anytime soon. At least, that is the message their official spokespeople are converting to the world. But according to IBM, there has been a rush to embrace distributed ledgers and integrate them into core systems. Things are looking positive for Bitcoin technology, even though banks will not embrace....
A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center of the National Technology Initiative at the St Petersburg State University in Russia announced they are preparing to trial a new interbank payment system, an alternative to SWIFT. The latter is now inaccessible for major....