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- Michael Meibach, CEO of Mastercard denied the existence of SWIFT, an interbanking messaging mechanism, in the upcoming 5 years.
- The answer came during the World Economic Forum’s yearly meeting, where he was the only one to deny the existence of SWIFT in future.
- Other participants of the meeting involving Jennifer Lassiter, Yuval Rooz, David Treat and Jon Frost were affirmative regarding the system’s future.
End Of SWIFT?
Michael Meibach, Mastercard CEO, joined a panel on CBDCs in the annual meeting of the World Economic Forum.
He made the folks gasp. He is pessimistic regarding the existence of SWIFT. Michael clearly said no when asked the question regarding existence of persisting interbank messaging system SWIFT which enables cross border payments and CBDCs’ potential in the monetary system, in five years.
He gave a smile while answering this question, but the folks attending the event took his answer seriously.
Meibach said on a panel adjacent to the WEF summit hosted by Global Blockchain Business Council. The panel debated regarding the future of the cross-border transaction system and CBDCs potential n monetary system.
Michael Meibach stated on panel that if folks can receive a payment with all the data pegged as they require as a company, the cost savings of that additionally to a payment costwhic is reduced, and the entire productivity boost, we can anticipate if we do this well, that is the real objective here.
What Other Participants Think?
Other attendees of the panel involved Jon Frost (Bank of International Settlements), David Treat (Digital Dollar Project and Accenture), Yuval Rooz (Digital Asset), and Jennifer Lassiter (Digital Dollar Project). They all are optimistic regarding the existence of SWIFT, and think that it will stay in future.
Michael Meibach was the only individual who was not sure of the existence of SWIFT in the upcoming five years, and thinks it might lose its dominance in the cross border transaction network.
Rooz and Lassiter also think that there may arrive a point where SWIFT might be replaced, but it is not happening in five years that’s for sure.
Spokesperson of Mastercard downplayed the influence of Michael’s response regarding SWIFT.
He said in an emailed statement that Michael was trying to put that SWIFT had formerly said that their operations are constantly evolving. The present form will not be similar in the future. They are involving more operability and are growing past just being a messaging system.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
