SWIFT PANEL SEES A FUTURE FOR BITCOIN IN INTERNATIONAL BANKING

Bitcoin price has taken a major hit since Mt. Gox, but that has not stopped Bitcoin from building a worldwide infrastructure that has led to massive expansion opportunities. It seems to have traded price for a deeper market penetration, in every sector of modern society. Bitcoin has already made a connection with online consumer payment giant PayPal, and now commercial banking may be its next conquest.
The Future of Banking is faster and less expensive
At a panel meeting sponsored by Society for Worldwide Interbank Financial Telecommunication (SWIFT) this week, correspondent banking leaders were all abuzz about Bitcoin and cryptocurrency technology influencing the future of banking, both now, and in the future. Correspondent banking is banking done by one bank for another bank, for instance, performing certain transactions through another bank in another country, rather than create a branch just to do those transactions. These behind the scenes banking affairs are seeing this technology as a wave of innovation that is just about ready for prime time

This post was published at Crypto Coins News on March 6, 2015.