Swift boss quits, as competition from the likes of Ripple intensifies

Swift it facing fresh challenges from the likes of Ripple – but its boss won’t be there to face them…

The international payments network Swift, that facilitates cross border fiat transactions, has found itself in the crosshairs of the likes of Ripple, amongst others. Swift has enjoyed a dominant position for many years, but competition is intensifying.

What’s more, it’s intensifying at a point that Swift is going to be looking for a new boss. Gottfried Liebbrandt, the CEO of the network, has announced that he’s standing down from Swift after seven years as boss. In an official statement, the chairman of Swift – Yawar Shah – paid tribute to the outgoing CEO. “During his time as CEO, the industry has faced unprecedented change and challenges”, Shah said.

“Gottfried has ensured Swift remains on a sound financial footing, reinforced Swift’s risk and security functions; overseen an overhaul of Swift’s technology; dramatically modernised payments – and at the same time ensured Swift has responded well and wisely to threats”.

It’s certainly responded, with innovations to try and speed the Swift network up further. Furthermore, Liebbrant still has the small matter of six months of notice to serve, in which time Swift will be hunting for his successor. He will remain in post while that search is continuing. Until said successor is found, it’s business as usual. But whoever does get the CEO office is going to face a heavy challenge in the years ahead, as new technologies, the strength of blockchain, and the fierceness of competition all close in. Interesting times…

Image: BigStock

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