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Will SWIFT Not Exist In Five Years? Mastercard CEO Highlights

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  • Mastercard’s CEO recently answered a no when asked if SWIFT would exist in five years. 
  • This seemingly left the audience a bit disappointed. 
  • A spokesperson later clarified on what exactly the CEO meant to say. 

Michael Miebach, the CEO of Mastercard, recently specified whether the interbank messaging system SWIFT would be prevalent in the five years’ time. 

He spoke on a panel adjacent to the World Economic Forum’s annual (WEF) summit, hosted by the Global Blockchain Business Council (GBBC). Discussions were held regarding the future of cross-border payments and Central Bank Digital Currency’s potential in the overall financial scenario. 

When the CEO was asked whether SWIFT would exist in five years, he clearly said no with a smile on his face. And seemingly, he didn’t live up to the audience’s expectations. 

According to Miebach, If you can get a payment with all the data attached that you need as a company, the cost savings of that in addition to a payment cost that is lowered, and the overall productivity boost they can expect if they do this well, that’s the real goal here.

On Tuesday, the conference commenced recently, and crypto was an essential topic mentioned. 

The other prominent entities present at the Tuesday conference were Jennifer Lassiter, executive director of the Digital Dollar Project; David Treat, a director at Accenture and co-founder of the Digital Dollar Project; Yuval Rooz, the CEO of Digital Asset; and Jon Frost, senior economist at the Bank of International Settlements. All of them signified that SWIFT will still exist in five years.  

The Mastercard CEO was the sole person who expressed a belief that there is a possibility that soon, it might not be the dominant system to transfer money across continents. 

And both Lassiter and Rooz also seemed to think something similar and that SWIFT may be replaced one day but opined that five years wouldn’t likely be enough time.

Later on, a Mastercard spokesperson clarified that let them clarify the intent of the on-stage comment, as it’s not as simple as a yes or no answer. Michael was reinforcing what SWIFT has earlier cited. Their operations continue to evolve. 

And that its current form will not be the same in the future. Furthermore, they add more functionality and move past just as a messaging system.

Nancy J. Allen

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