Ripple: New Banking Group Is First Blockchain-Based Settlement Network

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Ripple has formed a six-bank Global Payments Steering Group (GPSG), calling it “the first interbank group for global payments based on distributed financial technology.”

Also read: Canadian Bank, Ripple and SAP Send First Int’ Blockchain Payment

A New SWIFT Challenger

SWIFT logoAlthough the announcement does not mention it explicitly, the new network is a potential challenger to SWIFT. First activated in the 1970s, SWIFT is the global standard for processing international settlements between banks.

The new steering group 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 announcement comes just a week after Ripple revealed that more banks were joining a network using its technology. That network, containing 15 of the world’s top 50 banks, is separate from the GPSG.

The GPSG is more focused

Read more ... source: TheBitcoinNews

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