The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is in the cryptocurrency news today for its recent announcement to launch a pilot Global Payment Initiative (GPI) service which will compete with the growing threat of competing blockchain and fintech solutions provided by companies such as Ripple, JP Morgan and Transferwise.
The ambitious pilot aims to ““build the foundation of a new integrated and interactive service that will significantly improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network,” as the official statement reads.
After conducting a successful GPI test in October this year and carrying out instant cross-border payments with banks in China, Singapore, Thailand and Australia, the new system is able to trigger fast identification and elimination of errors and omissions in payment data such as missing or incorrect beneficiary information or incomplete regulatory information.
With this, SWIFT hopes that the GPI payments service will also allow fast and seamless transactions, reducing the delays and costs while improving the overall customer experience. W
The GPI of the system uses an Application Programming Interface (API) which enables banks to access each other’s data and validate recipient account information before a payment is processed.
Another excerpt from the statement reads:
“Fully integrated with GPI payments, the service will facilitate real time dynamic bank-to-bank interaction using APIs to improve the predictability and efficiency of international payments, and look at using predictive analytics. It will later be complemented with a post-payment investigation and reconciliation service that will allow for fast resolution of the remaining factors, typically arising from compliance or regulatory requirements, which can slow down the payments process.”
The pilot of the GPI is set to kick off at the beginning of 2019 with 15 selected banks including JP Morgan, Barclays, Bank of China and CitiGroup to take part in the project.
Binance Announces Major Changes To Launchpad Token Sale Format
“Other market participants may view this as an opportunity, and countertrade to even out the fluctuations.”The Binance Launchpad is the company’s token launch platform, as the name says, and in most recent times it has concluded a $4 million sale of the Celer Network (CELR) token seven days ago. The platform also conducted the Fetch.AI (FET) token sale and was able to raise about $6 million in just 20 seconds back in February. As previously reported, multiple changes were done to the Binance Application Programming Interface that shows how the company is working hard on implementing margin trading. A week ago, LBank and Bit-Z both of which are exchanges, overtook Binance on the adjusted trade volume according to the rankings on CoinMarketCap but the newly found reports show that most of their volume is fake.
Central Bank Of France Won’t Be Issuing Its Own Digital Currency: PwC Executive
“France’s central bank may not be the best entity to drive forward such a digital currency project, which would sit within the prerogatives of the European Central Bank. Having said this, Banque de France could seize technological leadership by following European Central Bank guidance. It is clear that a European-level project would be very complex and challenging governance-wise, requiring alignment and the political consensus of all relevant stakeholders from each Member State.”Kalfon continued that the central bank of France should let the large corporations such as Facebook and JPMorgan to test the technology first as an experiment and later the banks could give it a try. She said:
“This would reduce the likelihood of potentially negative consequences on the economy arising from any central bank issuing a digital currency.The underlying rationale is…to achieve the right balance between investor protection and technology friendliness.”The French minister of Finance Bruno Le Maire is known to be a bitcoin opponent but he later changed his mind and embraced cryptocurrencies. He even said that he is passionate about blockchain technology and wants to make sure that the citizens of France are among the leading countries in the world that are crypto-active. However, he believes that the crypto revolution in the country could not happen without better regulation. Also, two members of the French Parliament urged the members of the government to invest about 500 million euros in blockchain development by saying:
“2019 will be the year of the blockchain in Franc. This 10-year technology is moving out of the experimental stage into industrial implementation. The public will see the emergence of its uses in their daily lives.”
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The CEO of Inxeption commented on the partnersh““We’re revolutionizing B2B e-commerce and bringing companies and their customers together online in a trusted manner. This relationship creates simplified pricing solutions for B2B merchants with limited digital marketing and IT resources to easily manage all aspects of selling and shipping from one secure place."
Bitcoin Expertise Is ‘Exploding’ Among Insurance Professionals In 2019: Study
“If you are not already involved in a blockchain project, you need to start looking for opportunities to test the waters with a limited use case or low-impact proof of concept,” is what Greg Donaldson said in the report, namely a senior analyst at Aite Group.When it comes to the actual growth and the need for blockchain experts, it is constantly increasing. 'Talent growth' is a category that we can see in the report which shows dramatic results. For example, only seven individuals showed their Bitcoin expertise in April 2017 - but 390 of them did in January 2019. Similarly, only two claimed both insurance and blockchain in their expertise - but 2,260 were skilled in both in January 2019.
“The interest in this technology has created an extreme need for more experts who can help the insurance industry develop solutions using blockchain,” the report notes.To sum things up, the report says that there is one system that is already implemented by some companies - which actually makes the insurance process more transparent and efficient. It keeps all of the customer information on a 'permissioned' blockchain - starting from the moment when a customer is offered a price quotation for a policy.
“Then once the customer purchases the policy, the customer knows the status and receives a policy and proof of insurance almost instantly,” explains Aite.
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