Arab Regional Fintech Group noted Ripple may replace SWIFT

A report of Arab Regional Fintech Group mentioned RippleNet as an option to adopt the global payment platform over SWIFT. 

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is popularly known as a priority option for the banks to facilitate payments from country to country. However SWIFT is standing at the first position in the financial payment services but it is operating its services on traditional methods and also consumes time over the current blockchain technology-based payment platforms. 

On 18 March, Arab Regional Fintech Group published its report on the Central Bank Digital Currency (CBDCs) for the Arab central banks, which are looking to understand the crypto & blockchain industry, which is emerging as the best alternative to the cross border payment solutions.

The report mentioned Ripple, San Francisco-based payment Fintech firm, two times. Reportedly noted that RippleNet is the best alternative to SWIFT. It was strange but surely showing a mirror to those haters of crypto & underlying technology blockchain.

A Twitter user WrathofKahneman noted about this thing and shared it on Twitter with his more than 30k followers. 

Around 4 days ago, a Ripple partner  Clearing House established its partnership with an American multinational financial company Wells Fargo to provide an instant payment system to the banks globally, to create better competition against SWIFT. 

On 11 February, Ripple established its partnership with Digital Euro Association (DEA) to help the agency on CBDCs in all possible ways from education on policies to development on CBDC. 

” (Ripple will help) in contribute to the public and political discourse through research, education, and by providing a platform and community for policy-makers, technologists, and economists to discuss digital money-related topics.”

Read also: Dogecoin rival Shiba token loses 32,832 holders in only one day