Swift Reveals Future Global Payment Tech – Blockchain Not Included
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....
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A significant transformation for international payments is on the way thanks to the interbank messaging system SWIFT. To the uninitiated, SWIFT is the backbone of the global financial messaging network, connecting more than 11,000 institutions across 200 countries. If you’ve ever sent or received a cross-border payment, you’ve almost certainly come across SWIFT, whether it […]
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....
Distributed financial settlement solutions provider Ripple has announced the hire of Marcus Treacher, a veteran in transaction and payment systems banking. Treacher is a former executive at HSBC and member of the Global Board at SWIFT. In a press release, Ripple has announced a new hire in Marcus Treacher, as its new global head of strategic accounts. Treacher is an industry veteran with over 30 years of experience in payment systems and transaction banking. A former executive with a global leadership role at UK-based global bank HSBC for 12 years,Treacher also served as member of the....
Payments giant SWIFT is developing a blockchain-based ledger with 30+ top banks and Consensys, aiming to enable 24/7 cross-border payments. SWIFT Is Working With 30+ Global Financial Institutions On A Blockchain Ledger As revealed in a press release, SWIFT is planning to add a blockchain-based ledger to its infrastructure stack, in collaboration with a group […]
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....