Ripple, Big Banks Launch First Interbank Blockchain Group for Global Payments
With the launch of the “Global Payments Steering Group”, blockchain startup Ripple has revealed details of a new interbank group that will create the first “rules-based blockchain payments network” for global money transfers. In an announcement today, blockchain and Fintech startup Ripple has revealed that banks are getting closer toward uniform policies and governance for the transfer of money over blockchain. The Global Payments Steering Group (GPSG) sees six founding members and will be the first interbank group for global payments based on blockchain technology. Its founding numbers....
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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.” 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....
Today, Ripple announced that they have struck an accord, a first of its kind, with several major banking interests to created the GPSG, or the Global Payments Steering Group. Bitcoin has been the king of digital coins for a long time, and no altcoin has really been able to make a mainstream dent in its domain to this point. Ethereum had its run to start the year, but it devised its own roadblock to success called DAO that it is still trying to recover from. Rather, Ripple has been working in the background quietly, making friends in the banking industry and influencing people to use it for....
Ripple has reached an all-time high in market capitalization, according to CoinMarketCap. Ripple’s CoinMarketCap chart threw up unexpected numbers this morning. Whether an error or a rabid surge, Ripple registered an explosion in market capital early Monday morning (GMT), scaling from $270 million to $1.2 billion. Trading volumes have more than doubled to over $8.7 million. A look at the listed markets shows an entry, Ripple Gateways, driving the trading. Notably, it was buying XRP at a price of nearly $0.045 (now down to $0.039 at the time of publishing). An observer on Reddit pointed to....
Visa’s London-based innovation lab has announced its latest blockchain trial will focus on interbank payments. Visa Europe Collab revealed today it has partnered with Toronto-based BTL Group to explore how the startup’s interbank settlement system can leverage blockchain and smart contracts to streamline domestic and cross-border payments between banks. In statements, Hendrik Kleinsmiede, co-founder of Visa Europe Collab, said the two partners are now inviting European banks to participate in trials that would see them using the emerging technology for live payments to better explore its....
After months of testing, Swift, the interbank payments platform that connects 11,000 global banks, has formally launched the system it believes will be the future of its cross-border payments services. And notably absent was any integration with blockchain or distributed ledger technology. As part of the formal rollout, Swift (or the Society for Worldwide Interbank Financial Telecommunication) revealed that 13 of the world's largest banks have been conducting real-time transactions via its Global Payments Innovation (GPI) project for some months. Although Swift plans to continue its....