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.
Thai Stellar-based blockchain startup Lightnet raised $31.2 million in a Series A funding round led by major financial conglomerates in South East Asia.
Thai Stellar-Based Startup Lightnet Raises $31M to Replace SWIFT
With Chinese President Xi Jinping recently showcasing support for blockchain, local media is seemingly changing its sentiment toward crypto.
China Walks Back Hardline Media Rhetoric Toward Crypto and Blockchain
Ripple CEO Brad Garlinghouse predicts that 99% of all crypto will likely go to zero as they are not focused on real problems.
Ripple CEO: Only 1% of Today’s Cryptocurrencies Will Survive
Cointelegraph travelled to London to learn how the biggest names in finance — including IBM, Accenture, and McKinsey & Company — are adopting blockchain technol...
How Blockchain Disrupts Global Business | Sibos 2019
Representatives at interbank payments network provider SWIFT have lambasted cryptocurrencies as being “useless and unstable.”
SWIFT: Crypto Useless, ‘Goes Down In Value Like A Yoyo’
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?
SWIFT Vs. Ripple — The Importance of Speed in Cross-Border Payments
SWIFT says it conducted a successful trial of instant cross-border transfers in Asia.
SWIFT Catching Up to Ripple in Speed After Instant Remittance Trial