Breaking News
SWIFT Is Dead: Payments System Is A ‘Bygone Relic’
- Attempted hacks revealed of SWIFT payment system this week
- Follows on from recent cyber attacks recently in which Bangladesh’s central bank lost $101 million
Doron Cohen, CEO of Covercy, a cross-border business payments service enabling up to 80% cheaper transactional fees than traditional banks said:
“SWIFT is simply a bygone relic of a different era. Currently using this system there are at least four institutions involved when transferring money around the world, which means that there is no single owner when a security breach takes place, like this week’s security incident.”
“When such hacks happen, a blame game occurs because of the number of institutions involved in the process, but ultimately the customers are those that suffer the consequences. However, technology has advanced to such a level now that you can work with just one payment institution who has full responsibility for implementing advanced security measures, making such hacks less likely.”
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CLS Appoints Six New Board Directors
CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World
Mobey Forum’s Fraud Expert Group has published a new report, Rethinking Fraud in a Connected World: Trust, Collaboration, and Resilience in the Digital Ecosystem, exploring how fraud is evolving beyond traditional banking threats and why stronger collaboration across industries is becoming essential.
SumUp Launches in Canada
SumUp, the global financial technology company, today announced its official launch in Canada. The milestone makes Canada SumUp's 38th market and its latest step in building out its presence across the Americas, as the company continues its mission to make commerce simpler and more accessible for all businesses worldwide.
European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
G+D: Navigating the Future of Fintech Agility and Innovation
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Connect IFA Strengthens Leadership Team to Drive Growth and Enhance Adviser Support
Connect IFA Ltd is pleased to announce key leadership appointments designed to strengthen its commitment to growth and enhance the support it provides to advisers and network members.
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