, 2022-05-19 14:13:23,
This posting is in VentureBeat and written by a senior at a blockchain payments network. The piece essentially contrasts the globally dominant SWIFT network for financial transaction messaging with the rising interest in and use of blockchain networks for similar purposes. We have been covering this general topic on these pages and in member research now for some time, therefore many readers will be familiar with the innovations that have been happening and will continue to occur in x-border transactions. Some readers will also have viewed a recent webinar conducted by Mercator as it relates to Russia sanctions, which includes denial of access to SWIFT for various Russian banks, which included discussion around alternative networks and CBDCs.
‘SWIFT has made it much easier to dispatch cross-border payments and has established itself as a dominant player in global financial transactions. But only recently has it gained mainstream attention, when the United States and European Union removed key Russian banks from the cooperative, including Bank Otkritie, Novikombank, Promsvyazbank and more, to further economic sanctions that started in February 2022…
As the financial industry homes in on SWIFT, it begs the question, is there a better and faster way to accomplish cross-border payments? Many are now seeing blockchain technologies become the mechanism for driving the next generation of global finance solutions.’
The author goes on to review some of the inherent benefits associated with blockchain-based transactions, including speed, cost and security. The blockchain route as an alternative to SWIFT has been brewing since around 2016 when Ripple publicly challenged SWIFT at events around SIBOS in Switzerland that…
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