Ripple, a California-based blockchain startup focusing on the banking sector, may be about to see competition in their field heat up even more, as the incumbents in the payments industry are doing more to defend their piece of the pie.
According to a new report dubbed Payments: Looking to the future, from the payments industry incumbent SWIFT (Society for Worldwide Interbank Financial Communication), the bank cooperative will soon enable payments [payments using SWIFT’s Global Payment’s Innovation platform] on trade platforms that are based on distributed ledger technology (DLT).
Along with support for securities settlement 24/7 and real-time payments, this “could deliver huge savings in reconciliations and allow for far faster movement of (cash) collateral,” the report said.