Swift is Building a Blockchain App to Optimize Global Cash Liquidity
A global platform that connects the vast majority of the world's banks has begun building a blockchain application to simplify cross-border payments. Announced today, The Society for Worldwide Interbank Financial Telecommunication (Swift) is integrating open-source blockchain technology with its own products to build a proof-of-concept that might one day replace the so-called "nostro" accounts its members keep filled with cash all over the world – just in case they need it. If successful, the blockchain application has the potential to finally achieve a longstanding dream of....
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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....
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....
A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center of the National Technology Initiative at the St Petersburg State University in Russia announced they are preparing to trial a new interbank payment system, an alternative to SWIFT. The latter is now inaccessible for major....
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 and reliable environment. The majority of international interbank messages use the SWIFT network, and SWIFT bank identification codes are routinely used by consumers to identify the recipient bank in wire transfers. According to the SWIFT....
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....