This article was first published on: Insights – Ripple --
SWIFT strikes back and proves its own obsolescence. Image: Shutterstock
When SWIFT first announced its Global Payments Initiative (GPI), Ripple took the opportunity to highlight the ways SWIFT has failed to innovate, and how proposed changes to their messaging system do not meet the growing demands for global payments. The banking world took notice, powering Ripple’s momentum as we moved beyond experimentation with distributed ledger technology (DLT) and into commercial production with leading banks.
With its most recent announcement, SWIFT has taken notice as well, and expressed interest in exploring the use of DLT as part of a proof of concept within the GPI initiative. The empire is striking back, if you will.
At Ripple, we applaud this new development as it further validates what our customers have been telling us: they need a way to make cross-border payments truly efficient and open new doors.
Yet, the devil is in the details.
In a recent interview with Coindesk, SWIFT Head...
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