26 June 2017
Visit cib.db.com

Swift re-architecture proposals to allay data privacy concerns

19 June 2007  |  8019 views  |  0 Swift re-architecture proposals to allay data privacy concerns

The board of financial messaging network Swift has provisionally approved a four-year systems re-architecture programme partially designed to allay European data privacy concerns.

The move follows last year's news that the Bush administration was using emergency powers to secretly scrutinise suspect transactions sent over the network.

Swift came under fire from Belgian and EU data privacy officials and politicians following disclosure of the programme. The furore led to a call from MEPs in February for Swift to stop its current practice of mirroring all data concerning EU citizens and enterprises in its US site or to move its alternative database site outside US jurisdiction.

Currently, Swift has operating centres in Europe and the US. Messages are processed simultaneously at both locations to prevent data loss.

Under the proposed new architecture, Swift will adopt a more distributed data processing and storage model. This will allow for intra-European data to be stored only in Europe.

Swift CEO, Lázaro Campos says the project "is an important sign of how seriously we take data privacy concerns; we continue to make the protection of customer data our absolute priority".

He says the programme of works will also expand Swift's messaging capacity and reinforce network resilience bringing considerable benefits to the community as a whole.

The Board will be asked to approve final details of the investment plans at its meeting in September this year. Swift has not disclosed the costs of the programme.

The Brussels-based co-operative has also set up a working group composed of data privacy and compliance experts from European and non-European banks. The group has been asked to propose contractual solutions to further enhance compliance and transparency and is due to complete its work in the third quarter of 2007

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

European Parliament and ECB at loggerheads over Swift oversight

European Parliament and ECB at loggerheads over Swift oversight

15 February 2007  |  7942 views  |  0 comments
EU panel slams Swift data tapping

EU panel slams Swift data tapping

23 November 2006  |  8437 views  |  0 comments
Swiss banks slammed for Swift data searches

Swiss banks slammed for Swift data searches

17 October 2006  |  9884 views  |  0 comments
Belgian government slates Swift data searches

Belgian government slates Swift data searches

28 September 2006  |  6664 views  |  0 comments
UK watchdog to probe Swift data searches

UK watchdog to probe Swift data searches

21 August 2006  |  8286 views  |  0 comments
European MPs pass resolution to probe Swift data snooping

European MPs pass resolution to probe Swift data snooping

07 July 2006  |  7477 views  |  0 comments
Belgian Justice Ministry to probe Swift data searches

Belgian Justice Ministry to probe Swift data searches

27 June 2006  |  6897 views  |  0 comments
US government taps Swift data - report

US government taps Swift data - report

23 June 2006  |  12113 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.www.fisglobal.comdownload the report nowvisit www.events.sap.com

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
10331 views comments | 4 tweets | 5 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
9557 views comments | 20 tweets | 27 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
9428 views comments | 3 tweets | 4 linkedin
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
8167 views comments | 19 tweets | 33 linkedin
What Banks and their customers can expect for the futureWhat Banks and their customers can expect...
8063 views comments | 7 tweets | 10 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job