The impending establishment of the European monetary system in conjunction with the ever-accelerating advancement of technology has some analysts suggesting that Society for Worldwide Interbank Financial Telecommunications's (S.W.I.F.T.) virtual monopoly on interbank payments messaging is in jeopardy.

In the next three years, European banks specializing in European foreign exchange must develop new revenue opportunities to replace that which will be lost when a common currency is adopted. "So the messaging business becomes appealing," says Ira Morrow, financial services research director of Stamford, CT-based Gartner Group.

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