SWIFT Is Dead: Payments System Is A ‘Bygone Relic’
SWIFT is simply a bygone relic of a different era.
Currently using this system there are at least four institutions involved when transferring money around the world, which means that there is no single owner when a security breach takes place, like this week’s security incident.”
When such hacks happen, a blame game occurs because of the number of institutions involved in the process, but ultimately the customers are those that suffer the consequences. However, technology has advanced to such a level now that you can work with just one payment institution who has full responsibility for implementing advanced security measures, making such hacks less likely.