SWIFT Reveals its Blockchain PoC, Denies It’s ‘a Legacy Incumbent Doomed by DLT’
SWIFT, the operator of the platform that facilitates the global interbanking system has revealed a peek at its first blockchain offering, a proof-of-concept (PoC) discussed at its European Operations Forum in Berlin today. As the bedrock of the world’s banking system which uses its platform for international interbanking messages, SWIFT has plenty to lose if the much-heralded Fintech revolution, championed by blockchain technology, fulfills its promise in disrupting the traditional financial services with cheaper, more effective and quicker operations. Predictably, SWIFT has taken heed, as....
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The blockchain is transforming the way businesses are conducted across the world. What will be its effect on SWIFT, a legacy network for communication between banks that has lasted for 43 years? The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was founded in 1973 and has provided financial institutions a means to exchange information about transactions in a secure environment. A majority of banks worldwide use the SWIFT network for international interbank messages. Why is SWIFT so successful? Prior to SWIFT, banks used telex for communications. Telex had inherent....
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....
The Hong Kong Monetary Authority (HKMA) held a one-day fintech event on Friday to present blockchain and distributed ledger technology (DLT) to the industry. The event also coincided with the central bank’s launch of a DLT research whitepaper. The paper says fintech explores new frontiers beyond “trendy banking or payment services,” like artificial....
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....
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....