MasterCard CEO Teases That SWIFT May Not Exist In 5 Years

May 31, 2022 12:01 pm

Mastercard (MA) CEO Michael Miebach just made a new statement that surprised many people in the traditional financial world.

The statement he made was that he thinks that SWIFT may no longer exist in 5 years time which shocked many as SWIFT is currently known as the current interbank messaging system that is used worldwide today.

As a result, many people started to take his response very seriously and analyze how true the statement could be and what this means about the crypto world.

This statement was brought up during a discussion regarding the future of the cross-border payments industry and whether or not CBDCs could have a major role to play in the future.

Yahoo reports:

“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, we can expect if we do this well, that’s the real goal here,” Miebach said on the panel.

The conference officially kicked off Tuesday, with crypto being mentioned frequently in panels adjacent to the conference.

The subject is bolstered by the strong presence of crypto companies on promenade, the main street leading up to the Congress, where official WEF panels take place.

So far, the MasterCard was the only one in the WEF panel that made that statement, but it was still enough to send shockwaves throughout the industry given MasterCard’s dominate position today as a payment services company.

Many had also agreed with the prediction that SWIFT would lose dominance, but were unsure about what the timeline for that would be.

As a result, it was clear that many of the people attending the World Economic Forum had a tremendous amount of interest in crypto and blockchain.

And so far within the crypto world, the only alternative that is able to provide well defined cross-border payment services and CBDC solutions is RippleNet which runs on the XRP token.

CoinTelegraph reports:

Other panelists following Miebach also took the affirmative viewpoint, including Yuval Rooz, CEO of Digital Asset — a data technology company — and David Treat, director at Accenture and co-lead of the company’s blockchain business.

Cointelegraph approached Miebach immediately following the panel discussion but was denied any further comment on the subject.

SWIFT processed 42 million messages per day last year, but transactions on the network can take several days to complete.

The company has been striving to maintain its relevance in the international economic order, especially with the rise of CBDCs.

On the other hand, using blockchain to do these transactions could mean that they could be settled within a matter of seconds and at a much lower cost.

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