SWIFT

The Society for Worldwide Interbank Financial Telecommunication, legally S.W.I.F.T. SCRL, provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.

Source: en.wikipedia.org

Swift Says It Beat G20 Cross-Border Payments Speed Target by 15%
Swift Says It Beat G20 Cross-Border Payments Speed Target by 15%
October 17, 2024  |  Cross-border Payments

By 2027, the G20 wants 75% of international payments processed within an hour. Global messaging service Swift said its network is meeting that target, and...

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Swift Adds New Tools to AI Fraud Prevention Offerings
Swift Adds New Tools to AI Fraud Prevention Offerings
October 16, 2024  |  Fraud Prevention

With scammers becoming more and more sophisticated, Swift is bolstering its AI-enhanced fraud detection capabilities. The global messaging service announced Wednesday (Oct. 15) that it will begin offering this...

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Cross-Border Payments Hope to Find Their Footing in Proof of Value Experiment
Cross-Border Payments Hope to Find Their Footing in Proof of Value Experiment
October 16, 2024  |  Cross-border Payments

As with any app, any payment, any interaction where money’s being sent and received, first impressions matter. Even for cross-border payments, where the customer-facing experience...

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Visa, PayPal and Others Could Bring Utility and Legitimacy to Stablecoins
Visa, PayPal and Others Could Bring Utility and Legitimacy to Stablecoins
October 04, 2024  |  Blockchain

In 2022, the de-pegging of the TerraUSD (UST) stablecoin led to a cryptocurrency sector collapse, ultimately exposing fraud at FTX and elsewhere. Much has changed...

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Swift Tokenized Transaction Tests Aim to Bridge ‘Digital Islands’
Swift Tokenized Transaction Tests Aim to Bridge ‘Digital Islands’
October 03, 2024  |  Digital Payments

Swift wants to let banks test tokenized transactions on its global messaging network. Beginning next year, financial institutions (FIs) will be able to carry out...

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TerraPay Enables Cross-Border Payments to 2.1 Billion Mobile Wallets
TerraPay Enables Cross-Border Payments to 2.1 Billion Mobile Wallets
July 23, 2024  |  Mobile Wallets

TerraPay says financial institutions can now send money to mobile wallets via the Swift system. The announcement Tuesday (July 23) by the money movement company applies to 2.1...

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European Central Bank: Swift Outage Affected Real-Time Gross Settlement System
European Central Bank: Swift Outage Affected Real-Time Gross Settlement System
July 18, 2024  |  Banking

The outage at Swift that affected the Bank of England also impacted the European Central Bank. The outage, which lasted for several hours on Thursday...

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Bank of England: CHAPS Payment System Service Restored After Outage
Bank of England: CHAPS Payment System Service Restored After Outage
July 18, 2024  |  Payment Methods

The Bank of England said Thursday (July 18) that a global payments issue that was affecting CHAPS, the United Kingdom’s high-value payment system, is now resolved. “We...

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Swift Turns to AI to Battle Cross-Border Payment Fraud
Swift Turns to AI to Battle Cross-Border Payment Fraud
May 30, 2024  |  Artificial Intelligence

Swift is partnering with a group of banking giants to combat cross-border payment fraud. The global messaging service announced in a news release Thursday (May...

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