SWIFT

The network says more than $100 billion in Swift GPI payment messages are sent daily, enabling payments to be credited to the end beneficiaries within minutes — and some within seconds.

Enterprise customers will be able to send payment data to the bank through an application programming interface, rather than as XML or Swift files.

Cybersecurity systems, as sophisticated as they are, are clearly not doing the job. And maybe they never will, given that in the end the effectiveness of those systems can be overridden by workers inside the organization, writes Tal Vegvizer, director of research and development for Bufferzone.

To help its member banks avoid the nightmare of a data breach, Swift is requiring they take the necessary security steps to establish a strong baseline of cyber defense. And Swift intends to make sure its banks all follow the same procedures.

The digital-currency startup, which markets software to banks, appears keen to signal that it wants to play by the rules.

Finance organizations serious about protecting their customers need two-factor authentication, which involves the mobile phone when logging in to transfer money, writes Michael Patterson, CEO of Plixer.

The bank consortium is going directly after the business of its former partner Ripple in the middle of their legal battle over an option for digital currency worth $1 billion.

Sir Tim Berners-Lee, creator of the World Wide Web, exhorted developers to think about unintended consequences, saying he felt guilty over the digital divide and the proliferation of fake news.

A San Francisco startup working with Swift plans to launch a network that would tie self-executing contracts to independent data sources.

The Society for Worldwide Interbank Financial Telecommunication plans to add instant payments messaging for the European market by late 2018, marking another step in its ongoing faster payments projects.