THELOGICALINDIAN - Ripple has formed a sixbank All-around Payments Steering Accumulation GPSG calling it the aboriginal interbank accumulation for all-around payments based on broadcast banking technology
Also read: Canadian Bank, Ripple and SAP Send First Int’ Blockchain Payment
A New SWIFT Challenger
Although the advertisement does not acknowledgment it explicitly, the new arrangement is a abeyant amateur to SWIFT. First activated in the 1970s, SWIFT is the all-around accepted for processing all-embracing settlements amid banks.
The new council accumulation consists of: Bank of America, Merrill Lynch, Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada.
Only Bankers’ Blockchain With Defined Rules and Governance
The advertisement comes aloof a anniversary afterwards Ripple revealed that added banks were abutting a arrangement application its technology. That network, absolute 15 of the world’s top 50 banks, is abstracted from the GPSG.
The GPSG is added focused than the absolute group. The official announcement stated:
Therefore, the company describes the GPSG as the world’s alone blockchain-based settlements arrangement for banks with authentic rules and governance. It is announcement the arrangement as a way for banking institutions to try real-time blockchain settlements in a low-risk environment.
The account could be appropriate timing for Ripple, if it absolutely has its architect set on SWIFT. The bequest accepted arrangement is addled this ages afterwards suffering breaches at up to 12 banks. This is in accession to a blackmail that saw Bangladesh’s axial coffer lose $81 actor via a SWIFT drudge beforehand this year. The money is still missing.
Ripple on the Rampage
Using the technology, Canadian coffer ATP Financial sent a transaction to Germany’s Reisebank aloof over a anniversary ago. It was reportedly the aboriginal all-embracing interbank acquittal via blockchain technology.
The aforementioned week, Ripple additionally appear a massive $55 actor Series B allotment round, authoritative it one of the largest-funded blockchain projects around.
It was one of the aboriginal companies in the blockchain industry to aboveboard accept that its technology is aimed at banks.
As a permissioned blockchain, it receives a alloyed acknowledgment from the Bitcoin association analytical its open-source but centralized technology.
Is the new cyberbanking accumulation a cogent step? Will the all-around cyberbanking anarchy appear from aural the cyberbanking industry, or alfresco it?
Images address of Shutterstock, Wikimedia Commons.
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