Ripple Labs CEO is known for his brazen statements about the future of his company and the XRP token that they created. This time, in an interview with Bloomberg, Brad Garlinghouse staid true to his reputation by claiming that Ripple will overtake SWIFT because it is a better, more up-to date technology.

SWIFT was set up by and for its users to support international finance and commerce. By the time SWIFT went live in 1977, 518 institutions from 22 countries were connected to SWIFT’s messaging services. The majority of international interbank messages use the SWIFT network. As of 2015, SWIFT linked more than 11,000 financial institutions in more than 200 countries and territories, who were exchanging an average of over 15 million messages per day (compared to an average of 2.4 million daily messages in 1995).

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

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

Ripple recently saw an opening to offer its cross-border payment technological solutions in the land of the red dragon.

What are best cryptocurrency trading bots?

The opening is a result of partnership between American Express, US-based payment company and LianLian Group, a Chinese third-party payment service provider.

The partnership just got a whole lot more interesting as American Express won the approval of the Chinese central bank PBoC to clear card payments in China, thus becoming the first American card network to gain access to the massive Chinese card market.

This approval allows the company to process and settle payments in Yuan domestically by setting up its own network with its Chinese joint venture partner LianLian Group.

The joint venture of these two companies is called Express (Hangzhou) Technology Services Co and is required to prepare its operations within a year and also receive authorization from the central bank before running the card clearing business. This approval is now given and this should open up the Chinese market to foreign investors.

Interestingly enough, both American Express and LianLian are members of the Ripplenet, Ripple’s incubator for financial institutions which are interested in using or are already using XRP and related technology. Both entities have shown an interest in Ripple’s xCurrent technology, which is Ripple’s “enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking”. As such, we should expect to see xCurrent involved in this new joint venture.

The post Another brazen statement by Ripple CEO: “We are taking over SWIFT” appeared first on CaptainAltcoin.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

172 +