Banking Giant Unites Ripple And SWIFT On A Single Platform
Ripple has been making headlines a lot even in 2020 during the global crisis that has been triggered by the pandemic.
The company has been working really hard to boost the complete XRP ecosystem and to also push the mainstream adoption of the digital asset XRP.
Ripple’s main product called ODL is powered by XRP and it aims to replace the flawed traditional payments system SWIFT.
This has been used by banks and financial entities for decades, but it became flawed and now it’s time for innovation.
Ripple’s XRP-powered ODL is able to allow users to send money across borders instantly, securely, and for really tine fees.
This will happen via the SWISSRoute service, which is developed by IBIS – users will be able to access a gateway to the SWIFT international payment network.
“The SWISSRoute service is a cloud-service solution that allows the creation of “adapters” that connect various payment networks to the traditional financial system,” the online publication mentioned above notes.
This way, the service’s users will get access to more financial institutions via a single channel. This service makes it possible for business flows to be streamlined and automated, enhancing interbank connection.
This service is using standardized global ISO messages and proprietary formats (MT).
IBIS had this to say about the benefits that the customers will be able to enjoy.
“With SWISSRoute you don’t need to acquire or license any of the proprietary SWIFT hardware and software required to connect to their network. Instead, you can leverage our secure cloud-based services.”
They continued and highlighted the fact that “the infrastructure is compliant with SWIFT’s security and business continuity standards.”
In other news, Ripple just unveiled a massive XRP investment.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.