SWIFT is governed by Belgian law. European governments are divided, with Britain and Poland among the keenest. Gone are the days where, international traders used to ponder without SWIFT, global trade and investment would be slower, costlier and less reliable. But now, some users perceive that it has become outdated. We’ve discussed a few concrete reasons as to why they reckon that its connectivity is not a magic bullet. A Few class of people think that it is expensive. SWIFT Connectivity isn't a plug and play system, having mentioned that, joining this network is not that easy. Few others think it won’t be as faster as new inventions.

Thereby, Blockchain has just marked its way with promising prospects in the financial services arena, while P2P lending, robo advisory, Bank in a Box, security and biometrics are striding fast towards mass-market implementation. This is in line with the excitement about the extensive usage of FinTech across the value chain of financial services institutions, which has increased in recent times, according to KPMG research reports.

As per a leading European bank, Blockchain has the potential to reduce the banking industries operational and infrastructure costs by USD 15–20 billion per annum. In developing countries, start-ups such as BitPesa in East Africa and Rebit in the Philippines are leveraging Blockchain to facilitate remittances at a cost that is lesser than the traditional transfer method by 3 percent.

Very recently, we across that a Philippine banking firm is developing the Blockchain platform to enable cheaper and faster remittances for overseas Filipino workers (OFWs) in Japan, for this advanced set-up, they ventured with technology giant IBM.

While IBM has already been working with the Hyper-ledger programme in association with Linux Foundation to develop Blockchain-based solutions. IBM’s partnership with international banks to develop a Blockchain trade finance platform called Batavia has resulted in the platform’s first live pilot transactions.

While an Indian IT major has launched a Blockchain framework for financial services that can be applied to a network of banks for functions such as trade settlement. IBM has announced the adoption of Ethereum for its IoT projects. The company has also launched an open source Blockchain initiative in collaboration with a number of partners such as London Stock Exchange, Cisco, and Intel etc.

IBM’s joint venturing with the Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group, and the United Bank of Switzerland (UBS) is meant for the execution of smart contracts that close trade agreements.

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