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Fintech startup Ripple Labs focuses on blockchain technology to help it overcome the old Swift network behind most of the world's financial and security transfers, according to its chief executive, Brad Garlinghouse.
Blockchain technology works like a decentralized ledger and removes the need for money to be processed through accounts at a central authority.
The head of the San Francisco-based company said that Ripple has attracted a number of new customers when financial companies look to frontier technologies such as blockchain to solve the logistical problems posed by old software.
Swift, which was founded in 1972 and stands for Society for Worldwide Interbank Financial Telecommunications, is used by both companies and individuals to send and receive money. It currently has more than 11,000 customers involved in the corporate sector and in the capital markets in 200 countries.
Ripple was founded in 2012 and uses its XRP cryptocurrency as a proxy for customers seeking to convert legal currencies.
The promise to provide payment liquidity has allowed Ripple to collaborate with a number of institutional financial companies such as Standard Chartered and American Express.
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