SWIFT Launches Initiative To Improve Cross-Border Payments Using BlockChain

The Society for Worldwide Interbank Financial Telecommunications (SWIFT), a Belgium-based facilitator of global bank transfers, has launched a cross-border payments initiative to improve bank customer service by increasing transparency, speed and predictability of payments using the block chain. The project, called the Global Payments Innovation Initiative, will focus on business-to-business payments in early 2016, according to Silicon Angle. The service will help companies strengthen global supplier relationships and improve treasury efficiencies, according to the SWIFT website. Companies will be able to gain payments directly from banks along with features such as end-to-end payment tracking, same-day use of funds, fee transparency […]

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