We saw that happen earlier this year as Russia’s central bank said that its own SPFS payments system would be a SWIFT replacement - at least within that country.Ĭritical mass accounts for much when it comes to keeping the status quo. There are even indications, too, that entire nations can disengage from the network. Miebach’s comments signal that Mastercard finds ample opportunity in digitizing and modernizing cross-border transactions - as do a host of other entities. the cost savings of that in addition to a payment cost that is lowered, and the overall productivity boost, we can expect if we do this well, that’s the real goal here.” Indeed, Mastercard said through a spokesperson’s email after the panel that SWIFT continues to evolve and that its future is not summed up in a “yes or no answer.”īut in expanding on just what cross-border transactions need, as reported by sites such as CoinDesk, Miebach said at the panel: “If you can get a payment with all the data attached that you need as a company.
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Now, the response may have been said with a bit of tongue in cheek. When asked at a panel whether SWIFT would be around in five years, he had a succinct answer: “No.” The latest salvo comes amid comments made at a panel hosted by the Global Blockchain Business Council from Mastercard CEO Michael Miebach. It remains to be seen, though, whether an international finance system that has been built across 50 years can truly be dislodged from the world stage.
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But if some prominent critics and competitors are right, the global interbank messaging system’s days are numbered.