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Swift

Aug. 17, 2020

Top Fintech News Stories for August 17, 2020

Here are the most read news stories from our daily newsletter today: OCC chief expects SWIFT-like bank-to-blockchain connections in 3...
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Mar. 9, 2018

Swift Says Blockchain Needs More Time

Swift says that blockchain technology is not yet ready to handle the billions in daily cross border bank payments; they recently completed a proof of concept test to reconcile international payments between 34 banks; they said the test went well but that progress was still needed before they can trust the technology to handle the scale; the other aspect to consider is that the 11,000 thousand banks on the Swift system would still need to make upgrades to switch to blockchain based payments. Source.

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Aug. 22, 2017

An Update on Blockchain Developments with Swift

Inter-bank payments platform Swift says it is a step closer to adopting blockchain; a project that could potentially move member bank accounts to the blockchain and provide for real time reconciliation is now ready for its next phase; the project is focused on dormant funds held in various currencies supporting transactions. Source

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Feb. 7, 2019

Swift Sees GPI as a Better Solution than Blockchain

International payments network Swift has created their alternative to blockchain which they believe is a better, more reliable solution; global...
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Nov. 29, 2017

SWIFT Sends Warning to Banks

SWIFT says that digital heists are on the rise as hackers are becoming more sophisticated in their tactics; they are recommending that banks increase security of computers used to transfer money; a Bangladesh Bank lost $81 million back in February, 2016 and there are more recent examples of hacks; the report provides details on the new methods hackers are using. Source

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