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Ripple and Swift in arm wrestle over cross-border payments supremacy
It would appear that a new rivalry is raging that looks set to decide how cross-border payments are handled for decades to come. It is a contest that encapsulates much... more
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Swift Network caught in the middle of EU Vs US sanctions showdown
The Swift network, whose financial messaging system facilitates cross-border payments, has been caught in the middle of the US and EU showdown over how to handle one of the linchpins of the global financial system following Donald Trump’s decision to re-impose sanctions on Iran. The US has declared its determination to sever Iranian banks and [...]
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22 global banks join Swift blockchain project
Swift says that is has signed an additional 22 banks to its blockchain proof of concept (PoC). The project is designed to determine if blockchain technology can help banks reconcile their international nostro accounts in real time and is part of Swift’s Global Payments Innovation (GPI). The new banks are: ABN Amro, ABSA, BBVA, China [...]
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Swift introduces fraud tool but comes under pressure from hacking group NSA claims
Swift has revealed a service designed to help banks spot fraudulent messages and avoid a repeat of the now infamous Bangladesh Bank hack. Customers are able to integrate the service directly into their Swift messaging flows, making it easier to detect unusual patterns, screening the messages according to their own chosen risk and compliance policies. Launched as [...]
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Carbanak look a like Trojan Odinaff targets SWIFT banks
A new Trojan dubbed Odinaff has been reported attacking banks and other financial targets worldwide. Odinaff attacks include the manipulation of embattled SWIFT logs and the extensive use of hack tools. According to Symantec, Odinaff shares a number of links with Carbanak, which is also known for attacking banks and believed to have stolen hundreds [...]
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