SWIFT says "Adopting bank blockchain technology is difficult"; GPI's superiority over Ripple emphasized
Mr. Leemakers of SWIFT Discusses "Challenges of Blockchain"
Mr. Leemakers, the head of the international banking division at the world’s largest international remittance company SWIFT, points out challenges of blockchain in international remittance and also mentions GPI developed by SWIFT.
SWIFT was established in 1973, and as of 2019 it is a non-listed company with over 11,000 partner financial institutions in 200 countries and regions worldwide, providing remittance services on a global scale.
Recently, its higher costs have been viewed as a problem, and it is being pursued aggressively by Ripple’s “xCurrent” and “xRapid,” and Alipay HK offered by Ant Group under Alibaba Group.
According to American Banker’s coverage, Mr. Leemakers pointed out that the blockchain technology on which Ripple and others rely has many issues related to the following two points.
・Transparency of transactions and money flows
・Regulation
According to Mr. Leemakers, banks have a desire to “not let others know how much money they have in a (open) account that other banks can see.”
Therefore, when transferring funds between two banks, it is said that “unless both banks have similar KYC processes, it is difficult to trust and conduct transactions.”
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