Ripple: New Banking Group Is First Blockchain-Based Settlement Network
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....
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Spanish banking group Santander has made its first investment into the blockchain, a payment settlement technology that supports Bitcoin. Santander InnoVentures, the bank's $100-million investment vehicle made to support potential FinTech technologies, has invested $4 million into Silicon Valley-based Ripple Labs. The latter is a renowned remittance company which harnesses blockchain technology to simplify money exchange across borders. It has also formed partnerships with some of the world's leading banks - including Commonwealth Bank of Australia and Royal Bank of Scotland - to explore....
The R3CEV banking consortium could be partnering with Ripple Labs, according to a tweet from Ripple Labs CEO Chris Larsen. “The future of fintech is bringing together like-minded companies, like @R3CEV and @Ripple. More details to come soon…,” Larsen tweeted. R3CEV Explores Ripple. Jo Lang, R3 research director, wrote a white paper on considerations for Ripple adoption by large financial institutions one year ago. Lang noted that Ripple has focused on partnership versus competing with existing financial institutions seeking to gain efficiencies and improve transaction processes. R3....
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....
Mizuho Financial to start trials of its new blockchain based Ripple application for cross-currency settlements. Financial service company Mizuho Financial Group (NYSE:MFG) has confirmed partnering with Ripple Labs to try out the latter’s blockchain-based solution for cross-currency settlements. The Japan-based finance giant, which is also a part of the R3 led international banking consortium, plans to utilize Ripple Protocol’s proprietary blockchain protocol – known as Ripple – to implement speedy and cheap cross-border settlements. SBI Holdings (TYO:8473), another Japanese financial....
Financial institutions have invested significantly in the development of Blockchain technology. However, the Asia Pacific MD of Ripple feels that cost savings are not expected to be significant in the securities market. Dilip Rao at the 2016 AFR Banking & Wealth Summit says: “Where blockchain has had the most impact is where there are a number of networks, but they don't talk to each other very well. There is no obvious trust between these networks, a central authority.” According to Mr Rao, cost savings are likely to be less where there is a homogeneous network with a central....