Mastercard’s CEO, Michael Miebach, is pessimistic about the future of the SWIFT system used for global money transfers.
Miebach attended an event organized by the Global Blockchain Business Council. Whether SWIFT will still be used five years from now to the question about “No.” he replied.
SWIFT, an interbank messaging and code system, enables banks all over the world to transfer funds electronically between themselves.
Other names attending the conference include Jennifer Lassiter, executive director of the Digital Dollar Project, Yuval Rooz, CEO of Digital Asset, David Treat, executive director of Accenture, and Jon Frost, senior economist at Bank for International Settlements.
Each of these names raises the question of whether SWIFT will still exist five years from now. respond positively gave.
Mastercard CEO after sharing his views on the future of SWIFT A press release on the subject from the Mastercard team came. This press release on Miebach’s response includes the following statement:
“(Miebach’s) answer was not an ordinary yes or no answer, so we want to clarify his interpretation on stage. In a past statement by SWIFT (by its team), SWIFT’s activities continue to evolve was stated, and Michael’s comment was merely a reinforcement of that explanation. The future of SWIFT will be different from what it is today. New features are being added to SWIFT and SWIFT is now more than just a messaging system.”
Despite this explanation, Miebach’s speech during the conference negative responseattracted great interest from the attendees at the conference.