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It is quite known that Fintech has been one of the swiftly growing sectors. Fintech gamut symbolizes the progressive enterprises that leverage cutting edge technology to bring-in friendly financial products and solutions that are quite far more agile and pioneering compared to traditional financial institutions.
The trade finance business is getting revitalized by the robust blockchain technology, though many projects are still under experimentation stage, quite a few are under pilot phase. We reported in the past that the Hong Kong monetary authority had collaborated with some banking consortium to deploy newly invented blockchain technology. While the global banking giant HSBC has already clarified back in May as to how the world’s first commercially viable blockchain trade finance transaction on the Corda platform was successfully executed, that was developed by the R3 blockchain consortium. Other banking players, such as, Deutsche Bank and Rabobank have also teamed up to launch a trade finance platform.
For now, Ripple’s collaboration with the leading commercial bank, Santander, has amalgamated with SWIFT to go live in four nations, (namely, Spain, the UK, Poland, and Argentina). The banking giant will be using SWIFT’s Global Payments Innovation (GPI) technology for cross-border payments.
The announcement reads this way: “With SWIFT GPI, Santander can now offer a rapid cross-border payments service – with real-time payments tracking and transparency on bank fees and foreign exchange rates.”
The major bank’s intent is to go live in Chile and Mexico by the end of 2018. In addition, 80% of Santander cross-border transactions will be live on SWIFT GPI by the end of this year, as per the announcement.
XRPUSD (ripple) has slid below 21DMAs with intensified bearish momentum. More slumps on cards in the days to come.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -73 levels (which is bearish), while hourly USD spot index was at -129 (bearish) while articulating (at 08:19 GMT). For more details on the index, please refer below weblink:
