SWIFT Event to Discuss Bitcoin's Impact on Banking
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;....
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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....
In recent weeks, hot topics in the banking and blockchain technology sector have been the heist of $81 million from Bangladesh's central bank facilitated by hackers manipulating the SWIFT (Society for Worldwide Interbank Financial Telecommunications) messaging platform, and the oft-repeated buzzwords "blockchain" and "distributed ledger" as the "white knight" technology duo that's going to correct all that ails SWIFT. SWIFT is a global interbank messaging service connecting 11,000 financial institutions in more than 200 countries and territories around the....
Today, Ripple announced that they have struck an accord, a first of its kind, with several major banking interests to created the GPSG, or the Global Payments Steering Group. Bitcoin has been the king of digital coins for a long time, and no altcoin has really been able to make a mainstream dent in its domain to this point. Ethereum had its run to start the year, but it devised its own roadblock to success called DAO that it is still trying to recover from. Rather, Ripple has been working in the background quietly, making friends in the banking industry and influencing people to use it for....
A recent letter sent by SWIFT to its partner banks calls for the implementation of latest security measures following increased cyberattacks. When it comes to security, the conventional financial system is no better, if not worse off than the Bitcoin ecosystem. The latest communication sent out by SWIFT (Society for Worldwide Interbank Financial Telecommunication) to all its member banks specifically highlights that. SWIFT is one of the leading global banking networks that facilitates fund transfers between banks across the world. The notice to member banks lists few hacking attempts on....
The Institute of International Finance held its annual membership meeting in Washington this past weekend, and banking elite from all over the world convened to discuss many topics. The newest topic of discussion at this year's meeting, one that had eluded them in previous years, was a threat to traditional banking embodied by Bitcoin and other crypto-currencies. What should banking "do" about a Bitcoin threat? What can they do about it? How to handle the Bitcoin threat. Jamie Dimon is the CEO of JP Morgan Chase. JPMorgan Chase is the leading U. S. bank in domestic assets under management,....