According to the CEO of Ripple Labs Inc. Brad Garlinghouse, said that one of the main reasons why the company appears so many new clients is that financial institutions are looking for technology that will enable them to make remittances faster than the banking network Swift.
To send and receive money, banks, individuals and businesses are already using Swift which stands for Society for worldwide interbank financial telecommunication channels, and international Bank account numbers IBAN (International Bank Account Number).
The technology of the blockchain can eliminate the need for a Central standardized system, as it acts as a Ledger, allowing the digital money transfers without the need for routing through accounts at banks and financial institutions. And despite the fact that the Ripple, Bitcoin and other cryptocurrencies have gained popularity, they have yet to affect the world the standards adopted by the financial industry for Bank transfers. According to the official web site of the Swift services used by more than 11 000 customers in 200 countries and territories.
Technologies that banks use today, and that Swift has created tens of years ago, since then not particularly developed or even did not keep pace with market trends. Swift also recently announced that they do not see the technology of the blockchain solutions for banks. We can say that we have more than 100 of its customers who disagree with their opinion, said Garlinghouse in an interview with Bloomberg TV during the recent festival financial technologies in Singapore.
Ripple Labs says that the network RippleNet more than 100 banks and payment providers, including Japan’s Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc. Garlinghouse also said that speculation in the industry about the potential of the blockchain the connection between Ripple and Swift are not true.
– What we do and perform on a daily basis, in fact, monopolized Swift, he said.
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