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While the market is still in a skeptical area, Ripple continues to add new fintech players under its roof. One of the latest market leaders in partnership with Ripple is "GMT", Israel's largest financial services company.
Ripple with Israel's biggest Fintech
According to the latest announcement, GMT joins Ripple's partnership company including American Expres, CIBC, MoneyGram, AKBANK, Earthport and, unlike. These are companies that already use Ripple's underlying technology for cross-border payment and settlement services. The official announcement of GMT states that the company using Ripple intends to contribute a significant part of the gain to its global financial system. The announcement reads it as;
"After a long and precise discussion process, GMT decided to choose Ripple, working with Ripple and its partners, we would contribute to the creation of a global financial system that uses high-level values and technologies that are accessible and transparent."
Is the new GMT partnership a threat to SWIFT?
GMT sees Ripple as innovation in the current market, but the Ripple product that will be put in place is still out of the register. Furthermore, the partnership seems more of a threat to SWIFT, which is also a payment service company, but does not yet use blockchain solutions. It is quite clear that by using blockchain technology within the GMT service mechanism, it is likely that they will compete for SWIFT in the near future. The announcement of GMT continued by stating that;
"GMT is joining plants such as CIBC, MoneyGram, AKBANK, MoneyGram and many others that have already started using the Ripple platform, and with this partnership, GMT will establish its place at the forefront of the FinTech industry in Israel. also in close contact with some of the world's leading companies. "
Founded in 2001, GMT is Israel's best fintech, offering local and international remittance services. In addition to this, he specializes in foreign currency, medical insurance for tourists and foreign workers, prepaid card and other various financial offers for Israelis and foreign workers.
