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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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Hyperledger is the platform of choice for a joint Blockchain initiative by SWIFT and a selection of major banks.

SWIFT to Use Hyperledger for Joint Blockchain Payments Project

2017-04-25T18:21:00+01:00

7564

A group of hackers called Shadow Brokers reveals the NSA likely hacked into SWIFT and knew about compromises in Microsoft Windows.

US Spooks Compromised SWIFT Banking Network: Hackers Group

Shivdeep Dhaliwal

2017-04-16T10:47:00+01:00

8127

Today, Ripple announced that they have struck a first-of-its-kind accord, with several major banking interests to created the GPSG, or the Global Payments Steer...

SWIFT 2.0? Ripple Signs Major Banks to Blockchain Payments Deal

2016-09-23T17:55:00+01:00

1525

Could Bitcoin run the world in the future? SWIFT studied the idea in-depth.

SWIFT Fears Bitcoin? Institute Asks if Bitcoin Threatens Paper Money

2016-09-07T10:25:00+01:00

1628

SWIFT revealed that banks with weak security systems have been compromised by hackers after the US$81 million Bangladesh Bank heist in February.

Clients Receive Warning from SWIFT, May Relocate Bank Users to Bitcoin

2016-09-01T09:25:00+01:00

695

African blockchain-related startups will pitch new products at SWIFT African Regional Conference in Mauritius on May 18.

Blockchain Revolution: 3 African Startups to Watch in 2016

Olusegun Ogundeji

2016-05-13T17:10:00+01:00

740

Swift, the international settlement network which connects 11,000 global banks has likely been hacked according to a report by BAE Systems.

Bank’s Swift Server Hacked Highlighting Superiority of Bitcoin’s Blockchain Approach

Andrew Quentson

2016-04-26T14:38:00+01:00

1609

The blockchain is transforming the way businesses are conducted across the world. What will be its effect on SWIFT, a legacy network for communication between b...

Evolve or Become Extinct: SWIFT looks at Blockchain

2016-04-25T11:47:00+01:00

1230