A few years ago, things were looking bleak for the global payment network.

Cross-border payments were still slow and costly, and blockchain-based options were starting to look like they might be a serious challenger. Banks were slashing their correspondent banking ties due in large part to compliance fears. And in February 2016, a cyber attack led to $101 million being transferred out of Bangladesh Bank’s account at the New York Fed, using fraudulent Swift messages. A total of $20 million of