Tagged: swift

London Breakfast Brief: SWIFT Calls Crypto “Useless,” Admits Fast Settlement Hurdles

A representative from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) told an audience at a breakfast briefing in London Monday that cryptocurrency networks cannot outperform conventional payment systems and currencies: “They go down in value like a yoyo, they’re useless and unstable. And even if… Read More

Report: Japan Moving to Implement Regulated Global Cryptocurrency Trading Network

Japan financial authorities are building a regulated global network for cryptocurrency transfers and trades similar to SWIFT, an anonymous source from the Japanese governments has told Reuters. The system will be developed in cooperation with other countries sand should launch within a few years. Reuters… Read More

SWIFT-FAST Trial Settles Intercontinental Payments with Singapore in Under 25 Seconds

SWIFT, the company behind the world’s largest electronic payments system, has executed cross-border payments between 7 corresponding countries -Australia, China, Canada, Luxembourg, The Netherlands, Singapore and Thailand- and Singapore, in less than 25 seconds. The trial integrated SWIFT’s gpi Instant network and Singapore’s domestic instant… Read More

SWIFT Announces Launch of Multi-Bank GPI Payment Initiation

SWIFT, a global member-owned cooperative and provider of secure financial messaging services, announced on Tuesday it has launched a multi-bank GPI payment initiation and tracking service for corporates. The company revealed in a blog post: “Built in conjunction with banks and corporates, we’ve introduced a… Read More

Report: Adversaries Building Commerce “Pipelines” to Undermine US Dollar Dominance

Two researchers at The Foundation for Defense of Democracies (FDD) have produced a comprehensive report on Russia, Venezuela, Iran and China’s efforts to create or exploit alternative payment systems that would allow them to circumvent the US dollar as a means of enforcing American foreign… Read More

Swift Says Its New GPI System Outperforming Ripple

Bitcoin advocates and companies like Ripple have long been critical of slow and expensive cross-border money transfer services provided by banks and other traditional firms. Ripple’s CEO Brad Garlinghouse presides over a vast sum of publicly-tradable XRP crypto tokens which the company has used to… Read More

SWIFT Set to Open KYC Registry For Corporates

SWIFT, a global member-owned cooperative and provider of secure financial messaging services, announced on Tuesday it is set to launch Know Your Customers (KYC) Registry for corporates. SWIFT reported that in a first step, from the fourth quarter of 2019, all 2,000 SWIFT-connected corporate groups… Read More

Swift Partners With R3 to Bring Benefits of GPI to DLT & Trade Ecosystems  

SWIFT, a global member-owned cooperative and provider of secure financial messaging services, announced on Wednesday it is bringing benefits of gpi to DLT and trade ecosystems through its new partnership with blockchain enterprise software firm, R3. SWIFT reported that to support the growing demand amongst trade ecosystems… Read More

Anonymous Investigator Claims Ripple Overstating Banking Partnerships

An anonymous investigator called “Crypto Reckoning” has published a video containing allegations that three banking partnerships claimed by Ripple, the world’s second largest cryptocurrency project by market cap, are thin at best. Ripple’s creators came from banking, and, according to Cryptocurrencyfacts.com, determined to create Ripple… Read More

Swift Announces New Pay Later API Standard to Increase Payment Choice For Consumers

SWIFT, a global member-owned cooperative and provider of secure financial messaging services, announced on Wednesday it has launched new “Pay Later” API standard, increasing payment choice for consumers. SWIFT reported that as part of an industry collaboration involving banks, merchants and technology providers, it has… Read More

No Shortcut to Trust: Economist Arnold Kling Joins Chorus of Blockchain Naysayers

Don't Say the B Word Blockchain

Arnold Kling, an economist and adjunct scholar at the Libertarian think tank The Cato Institute, has blogged his reflections on a recent interview with blockchain proponents and tech VCs Andreessen-Horowitz (A-H). Like A-H, Kling was around during the Internet’s nascent phase and made money from… Read More

Muslim Business Network Looking to Create a Cryptocurrency to Help Islamic Countries Sidestep Sanctions

The Chairperson for the International Business Forum, an organization established in 1995 to “provide a trustworthy global business network, especially for Muslim business-people,” says the organization is going to create a cryptocurrency to help Islamic countries evade controls associated with the US dollar, which has… Read More

Russian Crypto Association Cooperating with Iran to Create “SWIFT Counterpart”

In early November, SWIFT, the Belgium-based company that operates the global payments network of the same name, announced that “certain Iranian banks” would be cut off from using the service: “In keeping with our mission of supporting the resilience and integrity of the global financial… Read More

Crypterium Allows Anyone to Send Crypto Directly via Bank Transfers to Traditional Accounts

Crypterium has announced that as of last week 400,000 users will be given the opportunity to test paying their loans directly via cryptocurrency.  Crypterium is already allowing consumers in Australia to transfer crypto and deposit into bank accounts with a partnership with BPAY. Led by former… Read More

Australian Central Bank Assistant Governor Says Her Country Has No Need for a National Cryptocurrency

Reserve Bank of Australia Assistant Governor Michelle Bullock told audiences at the Sibos Conference in Sydney this week that she does not believe Australia and other central banks have any reason to create a national digital currency settled on blockchain, Financial Review (FN) reports. Sibos is… Read More

Brief: Sberbank Initiates Pilot Blockchain Payment, Partners with MegaFon, MegaLabs, Alfa-Bank & IBM

Sberbank, Russia’s largest bank which  almost one third of aggregate Russian banking sector assets, is the key lender to the national economy and the biggest deposit taker in Russia. The bank has now spearheaded a Russian banking industry first: a pilot blockchain payment transaction. The transaction used… Read More

Sberbank and SWIFT to Cooperate on Fintech, Including Blockchain

Sberbank and SWIFT have signed a memorandum of cooperation to develop and market Fintech products created and promoted by SWIFT. Sberbank is Russia’s largest bank and holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy… Read More

FinTech Australia Members Assembly Payments & CurrencyVue are Selected Participate in SWIFT Global Challenge

FinTech Australia is sharing that two of their members have been selected to participate in the Swift global FinTech challenge at LATTICE80 on 13 and 14 September 2017. This past June, SWIFT offered Fintech companies from around the world to develop new overlay services that leverage… Read More

SWIFT Offers €200,000 to Fintechs

In a recent announcement, SWIFT offered up to €200,000 in funding to Fintechs around the world to develop new overlay services that utilize their new global payments innovation (gpi) platform. The two winning Fintech companies of an Industry Challenge will work with banks on innovations that… Read More

Deloitte Publishes Report on Global Fintech Hubs: A Tale of 44 Cities

Deloitte has published a report on emerging Fintech Hubs around the world that analyses 44 different cities. Entitled “Connecting Global FinTech: Interim Hub Review 2017,” the document was released at the opening of the Innovate Finance Global Summit taking place in London this week. The… Read More

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