Global payments system says its cross border payments are reaching banks within an hour but wholesale payments and interoperability between markets will remain a key focus.
Just as others – including heavyweights IBM and JP Morgan – are racing into the cryptocurrency space, Citibank is getting out. Just how useful will this kind of tech be for corporate treasury?
Some of the world’s top companies – also including Roche, GE and others – join Swift’s global payment initiative pilot. But whether other “Swift corporates” will be able to go GPI-active remains to be seen.
The bank has moved $900 million across borders at lightning speed since tapping Ripple's blockchain solution. Its transaction services chief tells CT how, and details the limits of the system.