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Ripple purposes to overtake Swift banking network

Ripple purposes to overtake Swift banking network

Ripple Labs Inc., the blockchain startup whose electronic currency is frequently employed as a proxy for additional cryptocurrency obligations, is gaining new clients because financial companies are seeking faster, more up-to-date technology compared to Swift banking system, Chief Executive Officer Brad Garlinghouse said.

The Swift, an acronym for the Society for Worldwide Interbank Financial Telecommunication, and IBAN (International Bank Account Number) systems have been applied by banks, businesses and individuals to send and receive cash. Ripple was from the headlines in September when XRP, its cryptocurrency commonly known as Ripple, rallied temporarily. It stays down over 80 percent this year out of its January summit, based on Bitstamp prices compiled by Bloomberg.

Blockchain technology may remove the need for a fundamental standardized system since it functions as a people ledger, allowing the electronic transfer of cash without needing to track it via account in banks and financial institutions. Even though Ripple, Bitcoin along with other cryptocurrencies have gained popularity, they’ve to unseat the standards adopted by the financial sector for cable transfers. Located near Brussels, Swift has over 11,000 clients in 200 countries and territories, based on its site.

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Last month, the Financial Action Task Force, a worldwide anti-money laundering body, stated that world authorities necessary to organize regulation of electronic assets to prevent their abuse by criminals and terrorists. The cryptocurrency market has confronted high-profile foreign exchange hacks, improved international regulatory scrutiny and also a lack of broader mainstream adoption among institutional investors.

“The technologies which banks use now which Swift developed decades past hasn’t developed or maintained up with the current market,” Garlinghouse said in an interview with Bloomberg TV in the sidelines of an event in Singapore. “Swift said maybe not long ago they did not see blockchain for a remedy to correspondent banking. We have well over 100 of the clients stating they disagree”

Ripple Labs says it’s over a hundred banks and payment suppliers on its own RippleNet network, such as Japan’s Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc, based on its site. Garlinghouse also stated that speculation over the blockchain sector of a prospective link-up involving Ripple and Swift was not correct.

“What we are doing and executing a day-by-day foundation is, in actuality, carrying over Swift,” he explained.

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