Page 3 - Swift

RBI fines 36 state, private banks for non-compliance in SWIFT operations

The penalties, ranging from Rs 1 crore to Rs 4 crore, were imposed by orders dated January 31, 2019, and February 25, 2019, the RBI said in a statement.

SWIFT planning to start testing multi-bank standard to improve its service

SWIFT's new standard would enable corporate treasurers to initiate and track gpi payments to and from multiple banks in a single format and integrate GPI flows into ERP and Treasury Management Systems

SWIFT was not compromised but misused, says Alain Raes

The issue with customised messages, identified by the suffix of 99, is that they are almost impossible to audit and SWIFT doesn't validate these transactions

State owned banks to link SWIFT with Core Banking Solution by April 30

The state-run banks also decided to speed up the process of taking out "cyber insurance"

SWIFT discloses cyber thefts, pressures banks on security

SWIFT says new cyber-theft attempts (some successful) have surfaced since June, after the attack on Bangladesh central bank

Swift warns of hack attack on bank

Swift, an inter-bank messaging system, was embroiled in one of the largest cyber bank thefts