SWIFT to Launch Global Payments Innovation Initiative, Develop Blockchain Roadmap
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it is looking at the blockchain technology that powers Bitcoin as part of new global money transfer initiative. SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized....
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Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) has officially announced its intention to explore blockchain technology in a global payments innovation initiative meant to improve customer experience by increasing the speed and the reliability of cross-border payments. The initiative is expected to commence in early 2016, and will focus on a business-to-business payments service supported by participating banks. SWIFT provides its products and services to over 10,800 banking organizations, securities institutions and corporate clients. "This initiative is....
The Society for Worldwide Interbank Financial Telecommunications (SWIFT), a Belgium-based facilitator of global bank transfers, has launched a cross-border payments initiative to improve bank customer service by increasing transparency, speed and predictability of payments using the block chain. The project, called the Global Payments Innovation Initiative, will focus on business-to-business payments in early 2016, according to Silicon Angle. The service will help companies strengthen global supplier relationships and improve treasury efficiencies, according to the SWIFT website. Companies....
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....
After months of testing, Swift, the interbank payments platform that connects 11,000 global banks, has formally launched the system it believes will be the future of its cross-border payments services. And notably absent was any integration with blockchain or distributed ledger technology. As part of the formal rollout, Swift (or the Society for Worldwide Interbank Financial Telecommunication) revealed that 13 of the world's largest banks have been conducting real-time transactions via its Global Payments Innovation (GPI) project for some months. Although Swift plans to continue its....
Cash and cryptocurrencies have been the target of the European Commission’s anti-money laundering efforts. Recently, the Commission published a roadmap of its proposal for the ‘restrictions on payments in cash’ initiative, extending them to cryptocurrencies like bitcoin. The Roadmap. The roadmap or ‘Inception Impact Assessment’ aims to inform....