ZeeperCreeper Posted December 27, 2018 Share Posted December 27, 2018 Interesting look at Swift and GPI: https://www.paymentssource.com/news/swift-fortifies-its-tech-for-a-turbulent-market Quote In the past two years, Swift has solidified common controls at the banks to restrict access, detect fraud, keep customers informed of security steps and start moving transactions at a faster clip — but without throwing out the system it has maintained for so long. "We concluded the bank-to-bank rails were not actually broken," said Harry Newman, head of banking at Swift. "The problem of sending financial messages to every bank in the world quickly and securely was solved years ago, and the issue wasn't the banks' systems." Many technology companies and new entrants into correspondent banking chains were "getting it wrong" in thinking they had to invent new rails, according to Swift. ... Quote "We still have an open mind about blockchain, and it is something we have in our labs and various proofs of concept on, but we don't have one for payments," Swift's Newman said. "We do not think it is industry ready for a global network just yet; and let's be blunt, it may never be." There are over 100 financial institutions who disagree with this. And taken together with the above statements are well showing how SWIFT is trying to hide their head in the sand while others are building out the new global payments infrastructure. Link to comment Share on other sites More sharing options...
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