Tags: Swift

Visa follows, or leads, AmEx and Mastercard

In late 2016, Visa previewed B2B Connect, its offering-to-be to transform the business-to-business (B2B) payments space. Since then, it has worked at partnering with financial institutions around the world to transform the 2016 vision into a platform that can now process bank-to-bank test transactions ahead of a full commercial launch in mid-2018. Its objectives, and…

AmEx introduces blockchain-enabled crossborder transfers

American Express (AmEx) has announced the introduction of blockchain-enabled, business-to-business cross-border payments. The American Express® FX International Payments (FXIP) business is working with: Ripple, a provider of enterprise global blockchain solutions Santander UK The objective is to: make blockchain payments commercially available reduce the time and cost of settlement maintain the level of security that…

The Interledger Protocol – a great disintermediator?

The InterLedger Protocol (ILP) is the creation of two Ripple engineers – Stefan Thomas and Evan Schwarz. Their ‘invention‘ is a curious beast which has become part of W3C (as the Interledger W3C Community Group). The website offers a bare minimum of information and most people seem to associate ILP with blockchains. In the view…

Mizuho’s trade finance transaction trial completes

Mizuho started a trade finance initiative using blockchain earlier this year. It has now completed a trade transaction between Australia and Japan in which the participants were: Mizuho Financial Group, Inc. (Mitzuho) Marubeni Corporation Sompo Japan Nipponkoa Insurance Inc. In this context blockchain is a form of distributed ledger technology (DLT). It utilizes a system…

22 more banks join SWIFT blockchain PoC

22 more banks join the SWIFT blockchain proof of concept (PoC). SWIFT has designed the PoC to validate whether the technology can help banks reconcile their international nostro accounts in real time. Th PoC is part of SWIFT’s ‘gpi’ (global payments innovation) service, the new standard for cross-border payments. The banks that have joined include:…

SWIFT discloses new hacking attacks

Banks using the SWIFT financial messaging system continue to be successfully hacked. In a news report by Reuters, it revealed that SWIFT has sent a private letter to clients advising them that a string of cyber-attacks have surfaced since June this year. Some of those have been successful although SWIFT stopped short of saying how much…

Customer or attacker?

Kaspersky Lab has announced that 38% of financial companies cannot tell the difference between customer behaviour and a cyber attacker. The details are contained in a survey conducted by Kaspersky and B2B International although the details were not available for independent review. The news should send shock waves through banks, financial services companies and regulators.…

Banks warned over messaging hack

The Federal Financial Institutions Examination Council (FFIEC) has issued a cybersecurity alert to banks. The alert entitled “Cybersecurity of Interbank Messaging and Wholesale Payment Networks” is the latest warning for banks since the Bangladesh Bank lost $81 million in a recent hacking attack. Since the original attack on the Bangladesh Bank there have been reports…

Did North Korean hackers hit Vietnam bank?

The SWIFT Banking Network has warned that a second bank has been hit by the same software that led to the Bangladesh Bank losing millions of dollars back in February. Once again the attackers targeted the client-side systems and were able to manipulate messages and payments stealing as an yet undisclosed sum of money. According…

Could Bangladesh Bank hackers strike again?

Many of you will have read our article yesterday on the BAE System analysis of the recent cyberattack on the Bangladesh Bank. Following a conversation with a SWIFT representative we have updated the article with corrections. – Ian Murphy, Editor BAE Systems has published a blog by Sergei Shevchenko that identifies malware capable of hiding the…