Latin American Banks Explore Ripple’s Cross-Border Payments Technology

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Latin American | Cross-border payments | banks | Technology | Blockchain | Ripple

Banesco Panamá and Scotiabank Chile, two Latin banks has been reportedly looking at adopting Ripple’s cross-border payments technology. The duo is testing Ripple’s xCurrent in order to understand how they can move their capital, as per the financial news agency iupana.

As per the report, Banesco Panamá is working with regulators so as to ensure it’s fully compliant and is also taking a look at the digital asset XRP to move money around the world.

“Banesco is aiming to roll out the technology between the banks in its group – covering the Dominican Republic, Panama, Portugal, Puerto Rico, Spain and Venezuela…Banesco’s proof of concept used the xCurrent network for the funds transfer, seeing use of Ripple’s cryptocurrency XRP as being a step further than it is comfortable with. Once integrated into the Ripple network, Banesco aims to initially offe...

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BIS Expresses Concern Over Facebook Entering Cryptocurreny Sector

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BIS | Facebook | Cryptocurrency | Regulations

The Bank for International Settlements (BIS) expresses concern over the disruption that might occur with big tech firms like Facebook entering the financial space, in its annual report for 2019. 

As per the report “Big tech in finance: opportunities and risks,” the BIS observes the potential benefits, risks, and challenges posed by companies such as Alibaba, Amazon, Facebook, Google, and Tencent who are venturing into this building fintech revolution.

Often described as the bank for central banks, BIS explains that with the huge cus...

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SWIFT Gives Blockchain Platforms Access To ‘Instant’ GPI Payments

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Swift | Blockchain | GPI | Payments

Global interbank messaging giant SWIFT reveals that it will allow blockchain firms to employ its Global Payments Innovation (GPI) platform for near real-time payments, as per a report published late last week. 

SWIFT stated in the report that after a successful proof-of-concept with R3’s Corda platform, it would “soon be enabling gpi payments on DLT [distributed ledger technology]-based trade platforms.

The GPI payments would resolve the “payment challenges” faced by DLT platforms. The firm further explained that said payments would be initiated within trade workflows and be automatically sent on to the banking system. GPI was launched in early 2017, as a set of business rules encoded on top of the firm’s existing infrastructure, so as to increase speed transparency and the traceability of transactions.

The firm states in the report that 55 perc...

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