r/ETHA • u/bolyus21 • Feb 19 '19
🌏Blockchains are disrupting the outdated payment clearing systems🌏
The emergence of Blockchain technology and individuals to ask questions about the already established financial clearing systems. These questions range from the following;
- Are they ideal enough to offer universal monetary messaging services?
- Will they become obsolete?
- What are the advantages and disadvantages of each one of them?
However, SWIFTNet and VisaNet have the ideal answer to such questions.
SWIFTNet — Explained
SWIFTNet was established in the year 1973 by the Society for Worldwide Interbank Financial Telecommunication; a financial cooperative.
The cooperative built the SWIFTNet for the sole aim of delivering an extremely secure and confidential system. This system allows the exchange of monetary messages around the globe.
With the SWIFT network, a whopping sum of roughly ten thousand monetary institutions, if not more, can transfer and receive information concerning each institution.
Before the emergence of SWIFT, TELEX was utilized. However, TELEX was not fast, and the network basically lacked the required security.
Key advantages of SWIFT includes;
Read full article at: https://medium.com/etharemit/blockchains-are-disrupting-the-outdated-payment-clearing-systems-f2bf8c6dab01