Representatives at interbank payments network provider SWIFT have lambasted cryptocurrencies as being “useless and unstable.”
SWIFT News
SWIFT, or a Society for Worldwide Interbank Financial Telecommunication, is a co-operative organization that is the provider of the SWIFT network — a standard for exchanging transaction information between financial institutions. SWIFT was founded in 1973 in Belgium. SWIFT is currently used by most international banks and is famous for its secure and trusted network. That being said, SWIFT has its flaws and is investing in the further development the system. With multiple blockchain competitor companies like Ripple, which plans to speed up and establish the highest level of security in banking transactions, SWIFT is actively working on implementing blockchain technology into their protocol. SWIFT’s blockchain tests have already been conducted and have showed very good results. However, SWIFT’s team concluded that distributed ledger technology should be improved in order for it to be implemented into the international banking system.
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- Analysis
With SWIFT looking to match Ripple’s transaction settlement rate, is speed the determining factor by which the success of a payment network will be measured?
- News
SWIFT says it conducted a successful trial of instant cross-border transfers in Asia.
- News
The Japanese government is attempting to spearhead the creation of a new, global cryptocurrency payments network that would be similar to SWIFT.
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SWIFT will enable blockchain-based platforms to use its global payments innovation platform.
- News
Global financial messaging network SWIFT is carrying out a DLT-based shareholder e-voting proof-of-concept in the first half of this year.
- News
U.S. banking giant JPMorgan Chase will begin conducting tests of its bespoke coin in the next several months, an executive said.
- Follow up
Major global banking payments network SWIFT announced its collaboration with R3.
- Hodler’s Digest
Iran could soon release its state-backed coin, and Gemini announces it will complete further security compliance reviews.
- News
Major global banking payments network SWIFT has revealed it plans to integrate technology from R3.
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Tehran may reveal the identity of a new state-sponsored cryptocurrency at a conference this week.
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High-volume Coinbase Pro and Prime users in Europe and Asia can fund their accounts via international SWIFT wire transfer, the exchange reports.
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SWIFT India has partnered with fintech firm MonetaGo to run a blockchain pilot aimed at addressing fraud in the e-way Bill system.
- News
Malaysian lending giant CIMB Group Holdings Bhd. has signed on to use Ripple’s xCurrent technology for expediting cross-border payments.
- News
Proxeus, IBM Switzerland, and other partners prove the ability of Blockchain to register businesses faster than the traditional system.
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