SWIFT enables instant cross-border payments
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,....
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BlockCypher, a firm that positions itself as a “blockchain web services” provider for the corporate realm has claimed that it can now facilitate near-instant cross-border payments. As bitcoin and blockchain-based innovation continues to disrupt the payments industry with quicker settlements at a lower cost, one Fintech firm with a focus in the B2B space claims it can now deliver on the promise of instant cross-border settlements at a fraction of the costs incurred with existing avenues, like SWIFT. BllockCypher is a provider of web services that notably enables bitcoin wallet services for....
The well-known global financial messaging service, SWIFT, is set to test the Central Bank of Digital Currency (CBDC) by interlinking several CBDC networks in order to execute cross-border payments. Besides currently linking financial institutions worldwide to communicate and execute financial payments, the Belgium-based network has approached consulting firm Capgemini and French information technology services to […]
Quite an ambitious plan, as it would reduce the current fee structure to near zero. The ECB will decide whether or not this service will be developed in June of 2017. The European Central Bank unveiled its plan to offer instant payments in the European Union. To be more precise, this service will ensure the transactions cost less than one recent to complete. A market consultation is underway to determine the user requirement for developing this service. In a way, the ECB plans to compete with Bitcoin for instant and cheap transactions across borders. According to the ECB, 2017 is a....
The Society for Worldwide Interbank Financial Telecommunications (SWIFT), a Belgium-based facilitator of global bank transfers, has launched a cross-border payments initiative to improve bank customer service by increasing transparency, speed and predictability of payments using the block chain. The project, called the Global Payments Innovation Initiative, will focus on business-to-business payments in early 2016, according to Silicon Angle. The service will help companies strengthen global supplier relationships and improve treasury efficiencies, according to the SWIFT website. Companies....
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....