It could be said that Swift is under attack.
In a changing global payments community, Swift – one of the world’s largest financial transaction messaging mediums – has faced new criticisms from those who say it has failed to keep up with the needs of the global financial market.
Specifically, some believe Swift is proving to be inefficient in the settlement of cross-border payments, due to its inability to manage real-time settlement for any transaction amount and its lack of transparency in settlement risk and payment status.
To address this, Swift has introduced its Global Payments Innovation (GPI) Initiative, which – according to Swift – will allow for same-day availability of funds for business-to-business transfers within the same time zone, payment tracking end-to-end, protected remittance information and improved transparency of fees.
The first phase, which went live in January 2017 and is in use with 12 banks – including the Bank of China, Citi, Danske Bank and ING – will focus exclusively on business-to-business payments. Swift has also promised further enhancements to its cross-border payments system, possibly including the incorporation of a distributed ledger technology proof of concept, in future rollouts.
This move to reform its global
Read more ... source: CoinDesk
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