Swift Says Blockchain Needs More Time

Swift says that blockchain technology is not yet ready to handle the billions in daily cross border bank payments; they recently completed a proof of concept test to reconcile international payments between 34 banks; they said the test went well but that progress was still needed before they can trust the technology to handle the scale; the other aspect to consider is that the 11,000 thousand banks on the Swift system would still need to make upgrades to switch to blockchain based payments. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.