SWIFT, post hacking scandal, may have some competition as a number of major global banks have signed with Ripple Labs to found a new global transfer system based on Ripple’s blockchain platform.
Founding members of the Global Payments Steering Group (GPSG) are Bank of America Merrill
Ripple signs global banks to blockchain-based money transfers
Lynch, Santander, UniCredit, Standard Chartered, Westpac Banking Corporation and Royal Bank of Canada.
The group intends to oversee the creation and maintenance of Ripple’s global payment transaction rules, formalized standards for activity using Ripple and other actions to support the implementation of Ripple’s blockchain based payment capabilities.
GPSG overall aim is to drastically reduce the time and cost of financial settlements while enabling new types of high-volume, low-value global transactions by building a modern payments network built on the blockchain, the first such inter-bank global transfer system to do so.
“Today, people expect money to move at the speed of the Internet. That’s why we’re working with these top banks to address the need for faster cross-border payments,” Ripple Chief Executive Officer and cofounder Chris Larsen said in a statement. “The work of GPSG, a new global interbank network, will give financial institutions and their customers the ability to make new types of payments at mass scale.”
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