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Ripple is aiming overtake swift banking network



Ripple Labs Inc., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the Swift banking network, Chief Executive Officer Brad Garlinghouse said.

The Swift, an acronym for the Society for Worldwide Interbank Financial Telecommunication, and IBAN (International Bank Account Number) systems have long been used by banks, individuals and businesses to send and receive money. Ripple was in the headlines in September when XRP, its cryptocurrency commonly referred to as Ripple, rallied briefly.

Blockchain technology can eliminate the need for a central standardized system because it works as a public ledger, enabling the digital transfer of money without the need to route it through accounts at banks and financial institutions. While Ripple, Bitcoin and other cryptocurrencies have gained in popularity, they have yet to unseat the standards embraced by the financial industry for wire transfers.
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