SWIFT is a payments colossus. It operates across more than 200 countries, has 11,000-plus financial institution clients and transmits some 8.4 billion financial messages every year. It is the global leader in cross-border bank-to-bank payments and recently played a key role in the West’s economic sanctions on Russia.
That doesn’t mean the Belgium-based cooperative is immune to disruption tremors, however. Critics have long maintained the interbank messaging system, founded in the 1970s, is “old, inflexible, slow, and increasingly prone to cyberattacks.” In May, Mastercard CEO Michael Miebach cast doubt upon SWIFT’s ability to survive the next five years. Meanwhile, it continues to be menaced by a rising tide of blockchain-based payment networks on one side and an expected torrent of central bank digital currencies (CBDCs) on the other.
But, last week, in a sign that even entrenched legacy financial networks can (possibly) change their stripes, SWIFT confirmed a proof-of-concept...
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