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What is SWIFT (Society for Worldwide Interbank Financial Telecommunication)

Chapter 3
Applications, Challenges, and Opportunities of Blockchain Technology in Banking and Insurance
SWIFT is a messaging network used by financial institutions for transferring international electronic payments via payment orders.
Published in Chapter:
Blockchain Technology and Future Banking: Opportunities and Challenges
Derya Üçoğlu (Istanbul Bilgi University, Turkey)
Copyright: © 2022 |Pages: 26
DOI: 10.4018/978-1-6684-4133-6.ch003
Abstract
In recent years, the blockchain emerged as a trending technology, and the innovations introduced by blockchain technology have influenced financial services as well as other sectors. The banks are currently using several blockchain applications, but they are not mature and still not widely adopted. Despite the numerous benefits, blockchain has many challenges to be solved, such as lack of regulation and governance; energy and other costs of development and implementation; interoperability, technical, security, and privacy problems; and user-related challenges. Therefore, this chapter aims to overview blockchain technology and discuss the opportunities and challenges for the future banking sector concerning the extant literature.
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