Here are the most read news stories from our daily newsletter today: OCC chief expects SWIFT-like bank-to-blockchain connections in 3...
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.
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
International payments network Swift has created their alternative to blockchain which they believe is a better, more reliable solution; global...
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
