SWIFT Panel sees a Future for Bitcoin in International Banking
Bitcoin price has taken a major hit since Mt. Gox, but that has not stopped Bitcoin from building a worldwide infrastructure that has led to massive expansion opportunities. It seems to have traded price for a deeper market penetration, in every sector of modern society. Bitcoin has already made a connection with online consumer payment giant PayPal, and now commercial banking may be its next conquest. The Future of Banking is faster and less expensive. At a panel meeting sponsored by Society for Worldwide Interbank Financial Telecommunication (SWIFT) this week, correspondent banking....
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An event to be held by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in New York next month is set to include a panel of payments and cryptocurrency professionals. The Business Forum panel will discuss cryptographic protocols and their potential impact on correspondent banks, those that provide services to other financial entities. Head of banking markets Wim Raymaekers will moderate the panel, which will include Cheryl Gurz, managing director of the Emerging Technology Segment at BNY Mellon Treasury Services. Marc Hochstein, editor in chief of American Banker;....
While Swift CEO Gottfried Leibbrandt acknowledges that block chain technology is here to stay, he believes some of the current fintech being spoken about is "hype" and notes that blockchains in the private sphere are more substantial than it getting to replace existing commercial banking systems. Speaking to the Financial Times, international payments network Swift CEO believes there to be an underlying "hype" when it comes fintech and claims that the current financial industry ought to be more worried about the current state of cybersecurity rather than disruptive technology. The Society....
SWIFT, the operator of the platform used by the global interbanking system, has revealed details of its blockchain proof-of-concept (PoC) trial that sees participation from a number of global banks for real-time cross-border payments. Swift has chosen the Hyperledger Fabric, a product developed by the Linux Foundation-led open-source cross-industry collaborative Hyperledger Project, as the core technology for its PoC. It should not come as much of a surprise, with Swift among the founding members of the project. The goal is to see if blockchain technology can help ‘improve the....
Kyrgyzstan has suspended the SWIFT system and recommended that banking activities be halted until the severe political unrest in the country stabilizes. Massive protests broke out after parliamentary elections as the opposition stormed government buildings and forced the prime minister to resign. Suspension of SWIFT and Banking Services The National Bank of Kyrgyzstan announced on Wednesday that the SWIFT system has been suspended in the country as the political unrest intensifies. The central bank also “recommends that commercial banks and non-bank financial institutions suspend....
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....