SWIFT Is Dead: Payments System Is A ‘Bygone Relic’

  • Attempted hacks revealed of SWIFT payment system this week
  • Follows on from recent cyber attacks recently in which Bangladesh’s central bank lost $101 million

Doron Cohen, CEO of Covercy, a cross-border business payments service enabling up to 80% cheaper transactional fees than traditional banks said:

“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.”

Author: Dylan Jones

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