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Russian authorities are promoting the international use of an alternative financial messaging system to the global Swift network in order to mitigate the risk of sanctions. 
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Interbank messaging network Swift is to open its KYC Registry to corporates, providing a central hub for document exchange with multiple banking partners and eliminating duplication and ineffeciency.
Vineet Anand's insight:
Swift is creating greater stickiness by introducing KCY registry in Q4 to corporates. A move along with the gpi will pave way to ward off attrition driven by services provided by Fintech companies!
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Interbank co-operative Swift is to conduct a proof-of-concept trial to link its gpi network to the Corda platform of enterprise blockchain consortiu
Vineet Anand's insight:
Swift to engage in POC for trade settlement using gpi API's and R3 Corda!
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Eight Latin American central banks have signed up to adopt Swift's sanctions screening service and KYC Registry in an effort to combat the threa
Vineet Anand's insight:
Latin American central banks driving up adoption of SWIFT KYC Registry lending to the uptake in institutions!
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Russia's prime minister, Dmitry Medvedev, says he wants to make the country's new payments system compatible with China's UnionPay as a way to guar
Vineet Anand's insight:
Mir payment system to be made compatible with China's CUP to remove reliance on western payment systems including SWIFT. Trading will be in Roubles and Yuan in near future to bypass sanctions though trading with China!
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Visa is working with blockchain outfit Chain on the development of a near real-time funds transfer system for high value bank-to-bank and corporat
Vineet Anand's insight:
Visa partnering with Chain on private chain for large value B2B transaction in direct competition with SWIFT.
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Financial messaging network Swift is to launch a five-point security plan in a bid to restore faith in the integrity of the system in the wake of
Vineet Anand's insight:
SWIFT set to introduce some new security protocols to manage its brand affected by recent incidents in particular the $81 million Bangladesh hack/heist. SWIFT has a tough challenge as Ripple continues to build its gateway network for speed, and security.
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Vineet Anand's insight:
SWIFT reinventing itself to threat from new technologies and start-ups to offer B2B payments with same day funds, predictable fees, tracking and rich payments information. The R3 consortium now has 30 banks working on opportunities, which is another threat for SWIFT.
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Finextra: Iran's banks are to be allowed to reconnect to the Swift financial messaging network as part of a deal that sees the country limit its nuclear activity in exchange for an end to economic sanctions.
Vineet Anand's insight:
Iranian FI's now return to SWIFT network post nuclear agreement!
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Finextra: Banking co-operative Swift is is extending the reach of its KYC Registry utility beyond correspondent banking to support Know Your Customer compliance requirements for funds distribution and custody services.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Russia to open its Swift network alternative for foreign businesses to obviate any future sections related impact and claims to have interest from China, India, Iran, and Turkey!