Ripple XRP vs Swift…
Global Payments Steering Group
Ripple recently announced that it has reached agreement with several major banks to create the Global Payments Steering Group (GPSG). This new platform, that includes names like Bank of America/Merrill Lynch, Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and Canadian bank CIBC, aims to form the foundation of a global network that performs a similar service as SWIFT inter-bank messaging but with near-instant settlement times. Global Payments Steering Group’s main mission is the creation and maintenance of a payments transaction rulebook and formalized standards that they intend to then take to international standards-making bodies.
Ripple has openly criticized Swift several times, particularly since Brad Garlinghouse took over in November as CEO of the startup from the more diplomatic Chris Larsen.
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