SWIFT claims blockchain isn't the answer, and their payment tracking tech could threaten Ripple

Contrary to Ripple CEO Brad Garlinghouse’s previous claims, SWIFT’s global payments innovation (GPI) could soon shake up the competition, American Banker writes. GPI is reportedly now in use at 450 banks, which process 80 per cent of international payments. Its daily amount of settled payments exceeds $300 billion.

What makes SWIFT’s GPI attractive to bankers is the pace and transparency level of its transactions. "Our banks are quite happy with the API-based technology we have in GPI, it produces a faster payment experience,” said Wim Raymaekers, head of the global banking market at SWIFT.

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