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CEO and co-founder of Routefusion, a global payments company. In theory yes you could just setup some other form of communicating between the banks, such as ph
by sealthedeal 5y ago
CEO and co-founder of Routefusion, a global payments company. In theory yes you could just setup some other form of communicating between the banks, such as phone calls lol. What you will not get is efficiency, trust, etc etc. You dont just replace SWIFT, Ripple, has been trying for a long time, and are still not close.
- raxxorrax 5y agoI think nobody tried because there was simply no need. Now that killing financial access is used as a political tool in domestic and international conflicts, redundant lines could be established. Doesn't work in the short term of course.
- immibis 5y agoAs long as such sanctions are only being used against dictatorships that deliberately commit mass murder, I don't think there will be very much motivation to replace it.
- raxxorrax 5y agoAny country could be accused by that, it is the nature of politics. The US has gained access to transaction data with the threat of sanctions against Swift. While banks are naturally very forward with compliance, there might be interest in having redundant channels. Would also benefit the privacy of users.