After the recent slew of attacks on financial institutions around the world through Swift, the co-op that maintains the interbank financial messaging system used for sending international money transfer instructions is trying to find a way to make things right again.
While Swift’s new guidelines provide customers a starting off point, they leave the 11,000 banks in Swift’s network to fend for themselves as they implement. The new Swift standards only address the tip of the iceberg, but regardless, are a necessary first step for all financial institutions to implement.
