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Ripple says it is looking to overtake Swift banking network.

M2 EQUITYBITES-November 13, 2018--Ripple says it is looking to overtake Swift banking network

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Global Banking News - 13 November 2018

Ripple Labs Inc, a blockchain start-up, has said that it is looking to overtake the Swift banking network.

Chief executive officer, Brad Garlinghouse, said that the reach of new technologies in the banking system would eventually allow firms to overtake SWIFT, the Society for Worldwide Interbank Financial Telecommunication, and IBAN (International Bank Account Number).

SWIFT is believed to have more than 11,000 customers in 200 countries and territories.

Garlinghouse said, 'The technologies that banks use today that Swift developed decades ago really hasn't evolved or kept up with the market. 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.'

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Publication:M2 EquityBites (EQB)
Date:Nov 13, 2018
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