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.

Top News

Why is the crypto market down today?

Why is Bitcoin price down today?

Australian ‘Big Four’ bank ANZ halts cash withdrawals from many branches

Bitcoin is 1 week away from 'confirming' new bull market — analyst

Russia talks up prospects of BRICS countries developing new currency

According to the Bitcoin custodian, utilizing the USDC stablecoin will allow members to deposit and withdraw funds without fees.

Xapo Bank to enable USDC deposits and withdrawals

Judith BannermanQuist

2023-03-22T21:51:47+00:00

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There is no technical reason preventing Russia from creating its own blockchain-based system, blockchain provider Fuse Network’s CEO believes.

Blockchain is the answer to Russia’s settlement issues, banking exec says

2023-03-15T13:54:21+00:00

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According to a recent survey by the OMFIF Digital Monetary Institute that was cited by SWIFT, 24% of central banks will introduce a CBDC within the next couple ...

SWIFT moves to next phase of CBDC testing after positive results

2023-03-09T15:30:00+00:00

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The demise of the crypto-friendly bank has prompted discussion about who tipped the first domino, and where crypto firms can turn for their banking needs.

Silvergate downfall sparks debate over whose fault it actually was

2023-03-09T06:00:57+00:00

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Binance stressed that credit and debit card payments will continue to be accepted and that non-USD bank transfers would still be processed through the SWIFT pay...

Binance SWIFT banking partner set to ban USD transfers below $100K

Brayden Lindrea

2023-01-22T00:10:51+00:00

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Another major financial institution has signaled its intent to offer Bitcoin and Ether services to its clients.

Crypto Biz: $43T bank enters crypto — Probably nothing, right?

2022-10-14T19:30:00+01:00

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According to Chainalysis data, Russia’s stablecoin usage has increased since the onset of the war, due partly to ordinary Russian citizens seeking to protect th...

Russian stablecoin usage surged after Ukraine invasion: Report

2022-10-13T06:31:08+01:00

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Visa is set to integrate its B2B Connect network with JPMorgan’s suit of blockchain-based cross-border payment products.

SWIFT action: JPMorgan and Visa team up on cross-border blockchain payments

2022-10-12T06:41:44+01:00

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