SWIFT — the decades old financial messaging service relied on by banks around the world — no longer has the monopoly on global banking it once did. Blockchain has quickly emerged to challenge SWIFT’s dominance on the industry.
While SWIFT has been a reliable and secure method to transfer money across borders, its technology for sending money across borders is out of date. International settlement between financial institutions takes two to three days while information travels across borders in real-time.
Solutions like xCurrent that are powered by blockchain technology, have now provided financial institutions instant settlement that is transparent and cheaper. This new world leaves banks around the world with a choice: Remain in the past or move forward into the future.
The second post in the Demystifying Digital Assets series — written in partnership with Oanda — examines why a future without SWIFT dominance will be faster, more transparent, and more cost-effective. Read the post here.