Swift fortifies its tech for a turbulent market

[ZeeperCreeper]

Interesting look at Swift and GPI:

https://www.paymentssource.com/news/swift-fortifies-its-tech-for-a-turbulent-market

 

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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.

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"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.

[Donkey]

2 minutes ago, ZeeperCreeper said:

SWIFT is trying to hide their head in the sand while others are building out the new global payments infrastructure.

SWIFT's statements deserve a place in history, together with some of the worst quotes made by company leadership regarding their competition and the state-of-art.

Blockbuster CEO Jim Keyes

"Neither RedBox nor Netflix are even on the radar screen in terms of competition," Blockbuster CEO Jim Keyes told the Motley Fool in 2008. "It's more Wal-Mart and Apple." His video-rental chain filed for bankruptcy in 2010. Today Netflix is worth $61.93 billion.

Digital Equipment Corp Founder Ken Olsen

"There is no reason anyone would want a computer in their home," said Ken Olsen, founder of Digital Equipment Corp., 1977. His comment came the year after Apple introduced the personal computer.

Microsoft CEO Steve Ballmer

"Google's not a real company. It's a house of cards," said former Microsoft CEO Steve Ballmer. Today, Google parent Alphabet's market cap is $100 billion more than Microsoft's.

Western Union President William Orton

"What use could this company make of an electrical toy?" scoffed William Orton, president of Western Union, when his company had the opportunity to buy Alexander Graham Bell's revolutionary invention in 1876.

https://www.inc.com/business-insider/boss-doesnt-understand-technology-mocks-trend-wrong.html

[Guest]

10 minutes ago, ZeeperCreeper said:

Interesting look at Swift and GPI:

https://www.paymentssource.com/news/swift-fortifies-its-tech-for-a-turbulent-market

 

...

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.

As long as they think crypto is only solving the messaging problem, Ripple has a big headstart. If global payments was just a messaging problem we'd all be using PayPal already.

Please nobody tell them this.