Swift Boasts Blockchain Technology Will Not Disrupt Their Business Model
Swift seemingly has an ace up their sleeve to one-up blockchain-based projects. Financial infrastructure is on the brink of being disrupted by new technologies. Mainly blockchain technology is one of the contenders to disrupt the financial sector as we know it. Swift, one of the world’s leading money transfer protocols, will make sure they are not replaced by distributed ledgers. A very bold statement that will require a lot more than just strong words. The vast majority of international interbank messages and transfers takes place on the Swift network. Even though the group operating this....
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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.....
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....
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 SWIFT Institute is offering research teams €15,000 to investigate how bitcoin's underlying distributed ledger technology could impact the global securities ecosystem. The institute is a financial services research group backed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which provides a network for global financial institutions to send and receive information about financial transactions. The grant follows the SWIFT Institute's call for information on the risks associated with bitcoin as a digital currency in 2014 and comes amid a broader shift in....
To many people, Bitcoin will be the perfect instrument to disrupt the banking industry as we know it, whether it is on a personal or corporate level. At the same time, the banks are flocking to blockchain technology to improve their services and offer slightly more transparency to their customers. Blockchain technology will be a part of any type of....