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
Although 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