Ripple Labs Blockchain Network CEO Sets Sights On Toppling The SWIFT Banking Network

2018-11-15 01:23

Ripple Sets Sights On Swift Banking Network

Blockchain company Ripple is currently looking ahead at technology that will provide its customers with a faster and better system and one contender is Swift Banking Network.

“SWIFT” stands for “Society for Worldwide Interbank Financial Telecommunication,” while IBAN represents “International Bank Account Number.” Bank regularly use both to transfer and receive funds. The unique factor concerning blockchain technology is that it can eliminate the need to use such systems – rather, funds are transferred digitally without routing numbers. The ease-of-use of Ripple and other like-system have caused them to gain in popularity.

The disadvantage to such digital products though is that there is always the risk that they will be used for money laundering. The Financial Action Task Force, responsible for promoting anti-money laundering efforts worldwide, has been working to prevent criminals from misusing digital technology. As a result, such technology has received a great deal of scrutiny.

Garlinghouse solidified his position concerning Swift technology, stating:

“The technologies that banks use today that Swift developed decades ago hasn’t really evolved or kept up with the market. Swift said not long ago that they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”

Right now, there are over 100 banks and payment providers on the RippleNet network. A few platforms on the network include Mitsubishi UFJ Financial Group and Standard Chartered PLC.

Garlinghouse added,

“What we’re doing and executing on a day-by-day basis is, in fact, taking over Swift.”

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Ripple Taking Over? CEO Reveals Some Of the Largest Swift Enabled Banks Are Now Using Ripple’s Technology

In a recent interview with Bloomberg, Singapore, Ripple CEO, Brad Garlinghouse stated that most large banks which have been on SWIFT network are signing on with Ripple. This is only an indication that Ripple is taking over the business from the Society For World bank Interbank Financial Telecommunication provider, SWIFT.

2018-11-14 21:34


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Yenom drives Bitcoin funds forms book room completed in Apple’s iOS-language Swift

Technology & Security This week the developers of the Bitcoin Cash-centric mobile wallet called Yenom have introduced a new Bitcoin Cash Kit (BCK) for BCH developers. Also Read: The Bitcoin Cash Network Processed 687,000 Transactions on August 1st Yenom Developers Launch Bitcoin Cash Kit Bitcoin Cash protocol development has been on fire lately as there’s a

2018-8-3 11:23


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2018-7-22 20:34


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