SWIFT to Wrestle with Cryptocurrency Platforms for Cross-Border Transaction Dominance

2019-7-17 16:40

The continuous increase in the use of cryptocurrency and blockchain technology has largely been adversarial to the currently used traditional methods of payment and financial solutions in general.

Most of these systems are now tightening their belts, trying to improve on their performance because the cryptocurrency wave could be detrimental to them. Some crypto proponents like BitMex CEO, Arthur Hayes, has forecasted doom for traditional payment systems because they can’t match the efficacy of crypto. Now, SWIFT seems to be on its toes as it may have realized that there is a serious competition ahead.

Recently, Facebook announced its own cryptocurrency called the Libra and released a whitepaper as well. Since the announcement, the financial markets – both digital and traditional – are still reacting and there has been considerable backlash from the government.

However, one significant but largely indirect response came from SWIFT when it put out a press release just two days after Facebook’s announcement. The multinational firm described quite an interesting goal.

“SWIFT’s aim is simple: to make cross-border payments real-time, 24/7 and as seamless, convenient, cost-efficient and accessible as domestic payments.”

This seems like a hurried response to another major player in the game, potentially taking their space. Apart from the fact that a firm like Facebook is a big enough competition for anyone, the fact that such a firm is competing using cryptocurrency just might be enough to scare any other firms.

We can fully assume that the chance of SWIFT playing a part in the cryptosphere is very unlikely. SWIFT is definitely less than excited about the explosion of these digital assets and doesn’t think it solves any problems.

“Importantly, we don’t think that cross-border payments challenges should be solved for with closed loop systems…Loops create barriers and friction; they reduce fungibility and portability, they limit competition and they fragment liquidity.”

For SWIFT, the problem would be that all the tokens springing up would still compete with each other and would only truly aid its own closed-loop or community. For there to be any real progress, some level of correlation between all the different platforms would be required.

SWIFT has already made a prediction with its Global Payments Initiative (GPI), projecting that it will be the standard for cross-border transactions by 2020. Is this realistic considering the propagation of new technology like crypto or is this a forced response coming from a player who is afraid of being beaten down?

The post SWIFT to Wrestle with Cryptocurrency Platforms for Cross-Border Transaction Dominance appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0031454 (-100%)

cryptocurrency swift dominance transaction wrestle platforms cross-border

cryptocurrency swift → Результатов: 62


Investor: If bitcoin breaks $6,200, it may mark the start of a major bull run

In the past week, the bitcoin price has increased by nearly 6 percent from around $5,000 to $5,300, following an initial 20 percent gain from $4,200 to $5,000. The short-term rally of the dominant cryptocurrency led to a swift change in the sentiment around the cryptocurrency market as it pushed other crypto assets like Ethereum and […] The post Investor: If bitcoin breaks $6,200, it may mark the start of a major bull run appeared first on CryptoSlate.

2019-4-11 05:40


Newsflash: Bitcoin Price Stumbles Below $4,000; No Fret, A Swift Rebound is Coming

In the past several hours, the bitcoin price slipped below the $4,000 mark from $4,035 to $3,934, recording a 1 percent drop against the U. S. dollar. Given the fact that it took nearly three weeks for bitcoin to break out of the $3,000 region and reach $4,000, the sudden drop in the price of bitcoin below the $4,000 level initially led traders to reconsider the near-term price trend of the dominant cryptocurrency.

2019-3-26 11:50


Citibank Won’t Be Launching Its Own “Citicoin”, Will Use Existing Technologies Instead, Will They Turn To Ripple’s XRP Or SWIFT?

JP Morgan made waves in both the blockchain space and the traditional financial world when they announced that they’d soon roll out their own cryptocurrency. Citibank had been rumored to be working on a similar project dubbed ‘Citicoin’, but now they are calling off any cryptocurrency plans.

2019-3-19 01:04


Фото:

Citibank ditches plans for its own cryptocurrency, bets on SWIFT instead

One of the world’s top 20 banks by asset value, is ditching plans to create its own digital asset – and abandoning all of its cryptocurrency experiments. Instead, it’s betting on a SWIFT. Citibank is not following in the footsteps of JP Morgan with the creation of its own cryptocurrency, believing there are better ways of making improvements to existing financial transaction systems, CoinDesk reports.

2019-3-18 18:15


V SYSTEMS ICO

V SYSTEMS is a native blockchain database and decentralized app platform that aims to create a brand new digital economy era. The project is led by chief architect, Sunny King, the legendary blockchain developer and creator of Proof of Stake (PoS), who initiated the first PoS project with Peercoin and was also the creator of Primecoin.

2019-3-6 16:04


Ripple’s Twelve Apostles: A Look At Top Companies Leveraging XRP Blockchain Payment System

Ripple's Twelve Apostles Are Ripple's software platforms and Ripple's cryptocurrency (XRP) the standard for settling cross-border money payments? Not at all. The current standard is called SWIFT (a terrible name if you consider that it's not fast at all), as it's remained so for more than 43 years. But it could indeed become the new […]

2019-2-23 20:30


SWIFT Outperforming Ripple, Bitcoin ETF On The Way, JP Morgan Launches Own Coin, XRP Centralized, Coinmama Hacked, Nasdaq to Add BTC and ETH Indices to its Global Data Services: This Week In Crypto

This week, as usual, was full of activities, most of it focused on the future of cryptocurrencies and cryptocurrency adoption. Top among the stories were predictions on the future price of Bitcoin which have been mostly bullish.

2019-2-17 11:13


Ripple Showcases the Differences With SWIFT and Pushes for Real-Time XRP Payment Remittances

Ripple, one of the most popular cryptocurrency platforms in the market has shared the differences that it has with SWIFT, the most used global payment network for international transfers. At the moment, the SWIFT messaging system is used by most of the financial companies around the world. There are more than 11,000 firms using it […]

2019-1-19 23:15


Ethereum [ETH] Price Analysis – Ethereum Approaches Liquidity Area After Bearish Week

After an extremely bullish start to 2019 for Ethereum, there was a swift return to underperformance for the cryptocurrency last week. Last weeks underperformance resulted in Ethereum dropping to the position of third largest cryptocurrency by market cap with Ripple’s XRP overtaking it for the second position.

2019-1-14 18:58


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


Фото:

SWIFT Kicks Out Iran – Country Responds with State-issued Cryptocurrency

Following the disconnection by SWIFT, Iran is set to launch its own state-issued cryptocurrency to circumvent U. S. sanctions. SWIFT Removes Iran Amidst Renewed U. S. Sanctions During the weekend, Belgian interbank service provider, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced it was cutting off Iran from its financial messaging system.

2018-11-14 00:28