New report suggests RippleNet as an alternative to SWIFT for the Arab world

ambcrypto.com:

Ripple, the fintech firm runs its platform, RippleNet, which allows anyone to send and exchange cryptocurrencies or make cross-border transactions. This emerged as a direct competitor to the SWIFT (Society for Worldwide Interbank Financial Telecommunications) banking system.

Arab Regional Fintech Group report on Central Bank Digital Currencies on 18 Marchreleased a “Practical Guide” for Arab central banks looking to understand the nuances of the burgeoning digital assets market. Surprisingly, in the report, it mentioned RippleNet as a direct alternative to SWIFT. Not once but at two places.

Source: Twitter

A pseudonymous Twitter user, WrathofKahneman, had shared this observation on the social media platform with over 30k followers. This development came in after the working group advised Arab central banks to improve their “messaging protocols” using systems such as SWIFT GPI and, significantly, RippleNet.

This indeed was a bullish development for fintech firm, Ripple which had suffered immensely amidst the on-going lawsuit. Although, the timing of the development was an interesting one.

This came just two days after the Clearing House, a known Ripple partner, collaborated with Wells Fargo (an American multinational financial services company) to challenge the dominance of SWIFT with a new instantaneous payment system.

Earlier I posted a video about a guy who revealed that Wells Fargo has been training on a #SWIFT replacement.

Now, I got a online service agreement update