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Swift CEO Gottfried Leibbrandt talks about how the global messaging network is looking to stay relevant to its bank members; the potential and limitations of blockchain technology; and his views on the startups looking to disrupt banking.
October 5 -
In the years ahead, look for projects that leverage the Bitcoin network to greatly expand mainstream banking infrastructure's reach into new markets particularly those in volatile economies.
July 28 -
KeyCorp is partnering with fintech firms to offer innovative payments products to its commercial clients, as interest in payments technology begins to spill over from retail into commercial.
December 4
The Society for Worldwide Interbank Financial Telecommunication, a global messaging network better known as Swift, has announced an initiative designed to increase the speed and transparency of cross-border payments.
The global payments initiative, which Swift touted as an industrywide collaboration, will initially focus in early 2016 on being a business-to-business payments service backed by participating banks. Swift said the effort will enable banks to offer corporate customers enhanced services such as same-day use of funds, transparency and predictability regarding fees, end-to-end payments tracking and richer payment information.
The service will operate on the basis of business rules captured in multilateral service-level agreements among participating banks, the network noted, and will operate on Swift's global platform. Participation will be open to any supervised financial institution that is a Swift member and adheres to the network's business rules.
"Correspondent banking serves the industry with millions of secure cross-border payments day in, day out; with the global payments innovation initiative we are building on those strengths, enabling banks to provide distinctive cross-border payments services and providing real benefits to end customers," Gottfried Leibbrandt, Swift's chief executive, said in a press release Thursday.
