Swift’s Global Head of Banking Argues Blockchain Isn’t a Disruption
Long before blockchain, inter-bank communication platform Swift was working to modernize the way financial institutions do business. First published in 2004, Swift’s global standard ISO 20022 was collaboratively created by a consortium of six standards bodies also including the International Securities Association for Institutional Trade Communication and the Fix Protocol. The open standard is being designed so that when it is implemented in the coming years it will help members more accurately and efficiently communicate with each other, regardless of network or any number of advances in....
Related News
Distributed ledger tech startup Ripple has hired SWIFT board member Marcus Treacher as its global head of strategic accounts. Treacher has held a position as one of SWIFT’s more than 20 board members since 2013, where his responsibilities include overseeing its corporate advisory group and serving as a member of its banking and payments committee and technology committee. Until November 2015, Treacher was also global head of payments innovation at HSBC. Now, Treacher will be working from the headquarters of Ripple’s European operations in London. In a press release, Ripple lauded Treacher....
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....
Three main purposes would be pursued by the Global Banking Network: developing technological innovation for the entire planet, digitally organize global finance through partnerships, and ending all monetary crimes. Now that The DAO is making media headlines all over the world, Ethereum community members are coming up with new ideas to take the DAO concept one step further. Whether or not Global Banking Network will ever be implemented, remains to be seen, as there are a lot more questions than answers. Global Banking Network As A DAO. Decentralized autonomous organizations hold a lot of....
With one firm swoop, banks could eliminate the threat from Apple, Google, and PayPal by embracing the new bitcoin cryptocurrency. Disruption doesn't always come from the outside but revolutions do form at the periphery, which is precisely where bitcoin sits today. It's easy to talk about conventional financial services disruption such as digital banking and mobile payments, because we've seen the information age already disrupt entrenched industries. We know that banking in the future will be something you do - not some place you go - and aggressive fintech startups already provide the....
This seemingly fight-or-flight response to blockchain’s rising ubiquity may be too little, too late. SWIFT, the Brussels-based interbank cooperative, has unveiled its first active instant cross-border payment connection — a move that could have major implications for the global payments landscape. The cooperative announced Thursday that United Kingdom-based Lloyds Banking Group has become the first to connect with SWIFT gpi Instant, the high-speed cross-border rail that settles payments in seconds. The payment system connects SWIFT gpi with the U.K.’s Faster Payments infrastructure,....