SWIFT CEO Announces Decision To Leave The Board By June 2019, Emergence Of Ripple And XRP A Culprit?

Swift CEO Announces His Decision To Leave The Board By June 2019

Gottfried Leibbrandt has been the CEO of Swift for the last 6 years, helping the organization to expand on their global financial services throughout the years. However, it looks like Leibbrandt has decided to take a new path in his career, announcing that he would no longer be in this position by June of next year. He originally joined Swift in July 2012, making his tenure seven years with the company by the time he leaves.

In the announcement, the soon-to-be former CEO commented about the time he’s spent with SWIFT, which in an acronym for “Society for Worldwide Interbank Financial Telecommunication.” He said,

“Swift is in very different shape than it was seven years ago. There’s always going to be a time to hand over the reigns and write a new chapter. I think this is indeed the right time.”

Over the last few years, the use of cryptocurrency and blockchain technology has afforded new opportunities to improve cross-border payments. Ripple Labs, for example, was founded around the same time as Swift, and they managed to create a payment protocol that has earned them accolades in mainstream media, along with multiple partnerships. They’ve even managed to offer their payment services for financial institutions and global banks. Furthermore, their innovative nature has actually exceeded the performance of Swift this year.

Swift was met with some turmoil two years ago, causing them to realize the need for heightened security protocols. In 2016, the company experienced a $1 million loss at the hand of cyber criminals, who sent false instructions through Swift to a federal New York bank. In the theft, the criminals managed to convince the bank to send them Bangladesh Central Bank funds to Philippines-based accounts.

Though the criminals managed to get five of their transactions through out of 35 fraudulent attempts, the CEO decided to use this problem to create a modernization program as a solution. One of the efforts involved a new global payments innovation system, tracking the transactions without slowing them down.

Discussing the tracking progress, the Swift team said,

“The Tracker database, in the Cloud but securely hosted at SWIFT, give end-to-end visibility on the status of a payment transaction from when it is sent and until it is confirmed. SWIFT gpi banks can log in to the Tracker to check the status of the payments they have sent, those in progress, and those that have been received.”

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