Swift CEO To Step Down After 7 Years at The Helm

2018-12-13 15:24

Swift CEO, Gottfried Leibbrandt, notified the organization’s 25-member board that he wished to step down from his position by June next year. His departure in 2019 will mark a 7 year tenure as the Chief Executive Officer of the global financial services provider. Mr. Leibbrandt joined the organization back in July 2012.

The CEO went on to summarize his tenure at SWIFT (Society for Worldwide Interbank Financial Telecommunication) as follows:

Swift is in very different shape than it was seven years ago. There’s always going to be a time to hand over the reins and write a new chapter. I think this is indeed the right time.

Emergence of Ripple and XRP Was a Game Changer

The past few years have seen plenty of fintech startups tackle cross-border payments using blockchain technology and cryptocurrencies. One such firm is Ripple Labs that was founded in 2012 to develop the current payment protocol that is the signature of the firm. Ripple went on to provide the following payment services for global banks and financial institutions.

RippleNet xVia xCurrent xRapid

The services provide a more efficient option for cross-border transfers that is not only cheaper, but faster and more secure than other available options such as SWIFT.

SWIFT’s 2016 Loss Through Phony Orders

The urge and need to further secure the SWIFT system was amplified when in 2016, cyber criminals stole $81 Million by sending phony instructions via SWIFT to a Federal Reserve Bank in New York. The theft involved the criminals requesting the bank to send funds owned by the Bangladesh Central Bank to accounts located in the Philippines.

The criminals had sent out a total of 35 fraudulent transfer instructions but only 5 went through until a spelling mistake raised some eyebrows at the Federal Bank in New York. Most of the money transferred went to four personal accounts held by single individuals. Mr. Leibbrandt reacted to the cyber heist by hiring several developers and kick starting a modernization program at SWIFT.

SWIFT gpi

One result of the modernization efforts was the new SWIFT gpi (global payments innovation) system. The gpi payments system was developed to ensure that payments on the SWIFT platform are fast, trackable and deliver confirmation when the beneficiary account is credited. The team at SWIFT explains how the tracking is done at gpi.

The Tracker database, in the Cloud but securely hosted at SWIFT, gives end-to-end visibility on the status of a payment transaction from when it is sent and until it is confirmed. SWIFT gpi banks can log in to the Tracker to check the status of the payments they have sent, those in progress and those that have been received. What are your thoughts on the CEO of SWIFT stepping down next year? Do you think that Ripple and XRP stands a chance at changing the entire global cross border payment system? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Swift CEO To Step Down After 7 Years at The Helm appeared first on Ethereum World News.

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ceo swift down step year organization leibbrandt

ceo swift → Результатов: 23


Фото:

Ripple’s CEO Believes That the Blockchain Startup May Topple the Swift Banking Network

Ripple, a global payments network is currently in the process of expanding as they onboard new customers and financial firms. According to Bloomberg’s article published on November 15, 2018, Ripple’s popularity with financial institutions may one day overtake the Society for Worldwide Interbank Financial Telecommunication (SWIFT) banking network, as the blockchain-based company uses newer and […] Ripple’s CEO Believes That the Blockchain Startup May Topple the Swift Banking Network was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-11-15 17:29


Брэд Гарлингхаус: Ripple лучше, чем SWIFT

CEO Ripple Брэд Гарлингхаус заявил, что стартап не планирует заключать партнерское соглашение со SWIFT, а намерен обойти международную банковскую систему на рынке обработки платежей. Об этом он рассказал в интервью Bloomberg.

2018-11-14 17:26


Ripple хочет стать партнером SWIFT

Международная межбанковская система передачи информации и совершения платежей SWIFT использует «сложные» методы, которые не соответствуют стандартам современного рынка. Об этом заявил CEO Ripple Брэд Гарлингхауз.

2018-11-14 11:20


Брэд Гарлингхаус: Ripple открыта для партнёрства с компанией SWIFT

В недавнем интервью Bloomberg, CEO Ripple Брэд Гарлингхауc снова вернулся к теме слухов об «объединении» SWIFT с Ripple. На этот раз он критиковал «сложные» методы SWIFT, которые не соответствуют стандартам современного рынка.

2018-11-14 10:08


Ripple Taking Over? CEO Reveals Some Of the Largest Swift Enabled Banks Are Now Using Ripple’s Technology

In a recent interview with Bloomberg, Singapore, Ripple CEO, Brad Garlinghouse stated that most large banks which have been on SWIFT network are signing on with Ripple. This is only an indication that Ripple is taking over the business from the Society For World bank Interbank Financial Telecommunication provider, SWIFT.

2018-11-14 21:34


Фото:

На Луну: CEO Ripple рассказал о желании обогнать банковскую сеть Swift

Блокчейн-стартап Ripple Labs, цифровые деньги которого часто используются как буфер для платежей в других криптовалютах, стремительно набирает клиентскую базу. За кулисами мероприятия в Сингапуре гендиректор компании Брэд Гарлингхаус рассказал Bloomberg TV о системе Swift. Она была разработана десятилетия назад и...

2018-11-14 18:15


Фото:

Ripple намерена опередить банковскую систему Swift

Финансовые компании ищут более быстрые и современные технологии, поэтому чаще выбирают Ripple, чем банковскую систему Swift — такое заявление CEO Ripple Брэда Гарлингхауса цитирует Bloomberg.

2018-11-13 16:52


Бред Гарлингхаус: Ripple превзойдет SWIFT

Бред Гарлингхаус, CEO Ripple, заявил, что в будущем все больше компаний будут обращаться к продуктам калифорнийского стартапа вместо SWIFT из-за преимуществ первых в скорости и технологичности

2018-11-13 14:56