WEF 2022: SWIFT probably won't exist in 5 years, says Mastercard CEO
Michael Miebach, CEO of Mastercard told an audience of blockchain executives that he expects SWIFT to phase out of existence in as little as five years' time. Mastercard CEO Michael Miebach said on Tuesday that he does not expect SWIFT, one of the most widely used platforms for cross-border fiat transactions, to exist in five years' time. Miebach was speaking at a panel session on central bank digital currencies (CBDCs), as part of the Global Blockchain Business Council (GBBC)’s Blockchain Central Davos conference, which ran adjacent to the World Economic Forum 2022 in Davos,....
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Francis Suarez, the Mayor of Miami, said that he played an “evangelist role” at Davos where he’s teaching people about Bitcoin. Kristina Cornèr, Cointelegraph's editor-in-chief, sat down with Miami Mayor Francis Suarez at the recent World Economic Forum held at Davos, Switzerland, to discuss topics like the role the mayor played at the WEF, Bitcoin being a global currency and what the mayor does with his BTC.According to Suarez, his role at the WEF is different from what he did at the Bitcoin Miami event. At Davos, the mayor noted that he played an "evangelist role" where he's teaching....
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....
SWIFT, the Belgian-based cooperative that serves as an intermediary and settlement executor of financial transactions between banks worldwide is planning to experiment with asset tokenization in 2022. In a blog post about the subject, SWIFT notes that it will be working with firms like Clearstream, Northern Trust, and SETL to explore “the feasibility and benefits” of using SWIFT as an interconnector to tokenization platforms.
Financial Intermediary SWIFT to Be Used as a Tokenization Interconnector
The Society for Worldwide Interbank Financial Telecommunication....
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....
The boss of MasterCard in the UK and Ireland believes cash will be practically extinct in the next five years across Britain and Ireland and will seem as antediluvian as carrying a pouch full of gold. Speaking to Business Insider during Money2020 Europe in Copenhagen last week, Mark Barnett CEO of MasterCard UK and Ireland claimed cash in 30 years will seem as old fashioned as the horse and cart. Barnett says: "We're quite ahead of the rest of the world, because if you take the world as a whole it's still 85% cash. I think in five years time there'll be practically none. There will be....