To the moon: CEO of Ripple spoke about the desire to overtake banking network Swift

Blockchain startup Ripple Labs, digital money which is often used as a buffer for payments in other cryptocurrencies, is rapidly gaining a customer base. Behind the scenes of the event in Singapore by CEO brad Garlinghouse told Bloomberg TV about the Swift system. It was developed decades ago and since then did not develop, did not take into account the changing needs of the market. According to him, many companies today are looking for more sophisticated and fast methods of payment — Swift, they are no longer satisfied.

Banks, individuals and businesses for a long time use the Swift system for payment for having to pay a Commission. The blockchain, in turn, is able to eliminate the need for a centralized, standardized system, because it acts as a network of journal posting transactions. This allows the digital money transfers without the intermediation of banks and financial institutions.

Despite the fact that the ripple, Bitcoin and other cryptocurrencies are already quite popular, they still have a long way to changing the way the financial services industry. At the moment, the Swiss company Swift, more than 11 thousand customers in 200 countries. Recently its representatives have declared that do not see the use of the blockchain in correspondent banking. However, more than a hundred of their customers believe otherwise.

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According to Ripple Labs, the network RippleNet has more than 100 banks and payment gateways, including the Japanese company Mitsubishi UFJ Financial Group and Standard Chartered. Garlinghouse also said that any speculation about the cooperation Ripple and Swift was not. It seems that the company is focused not on cooperation with Swift, but rather on the systematic overthrow of this system.

What we are doing on a daily basis, so it is actually a Swift takeover.

We will remind, in September the native Ripple XRP cryptocurrency has shown growth because of the rumors about the integration of payment platform xRapid in the Swift system. But later the rumors was denied. More data look at cryptodata.

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