Bank transfers: is Ripple set to surpass Swift? |

Bank transfers: is Ripple set to surpass Swift?

Founded in 1973, the SWIFT banking process is the global standard for transferring money from one bank to another, throughout the world. The original plus point of the SWIFT network was the fact that it guarantees the non-repudiation of exchanges, meaning no third party could deny having made a transaction. It is a centralised system. In practice SWIFT does not actually send money, it simply positions itself as a trusted third party, facilitating and guaranteeing cash-flow. SWIFT provides a secure network that allows more than 11,000 financial institutions (banks, market infrastructures, international firms, etc.) in over 200 different countries to send and receive information about financial transactions to each other.

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