SWIFT: blockchain is not suitable for bank cross-border payments

SWIFT: blockchain is not suitable for bank cross-border payments

The SWIFT global cross-border payments system believes that the blockchain is not suitable for solving the problem of delay in cross-border bank payments. The main reasons are a violation of a number of regulatory requirements and the inability of the blockchain to ensure the confidentiality of such operations, which can lead to the reluctant adoption of this technology.



Ripple vs. SWIFT



Ripple and SWIFT have now become major competitors in cross-border payments. While SWIFT technology is considered slow, Ripple CEO Brad Garlinghouse is confident that his company"s blockchain technology can significantly speed up such payments.



Nevertheless, SWIFT is now seeking to promote GPI - its own new global payment system. It is reported ...
Read more about "SWIFT: blockchain is not suitable for bank cross-border payments" on coinatory.com

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