US CFPB Says Ripple and XRP Capable of Delivering More Transparency in Banking Industry

The US Consumer Financial Protection Bureau (CFPB) was formed in 2011 after the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed. Its function is to protect consumers from deceptive market practices. It released a report regarding remittance transfers under the Electronic Fund Transfer Act. The government agency noted in the report that it has been monitoring the nascent developments in the remittance market, which includes the growth of cryptocurrency asset firms such as Ripple. The report shows that…

SWIFT Mulls The Development of A Frictionless Payments System For SMEs

Small and medium enterprises (SMEs)could soon find it easy to conclude their transactions. This follows global payments giant SWIFT's announcement that would make instant payments available to SMEs.  SWIFT, says it intends to be at the fore of global A2A and B2B transactions. The firm is taking on Visa, MasterCard, and emerging fintech ventures, for example, Ripple.  The decision to venture into space was arrived at in a last month's meeting of the firm’s Board and Executive. The decision is…

SWFT Blockchain Signs Co-Existence Agreement with SWIFT

A startup registered in Singapore has agreed with global payments telecommunications giant SWIFT in a first for the blockchain industry. November 13th, 2018 – Smart Worldwide Financial Technology (SWFT Blockchain) has signed a co-existence agreement with the global provider of secure financial messaging services, Society for Worldwide Interbank Financial Telecommunication (SWIFT). This agreement is an important step for the blockchain industry as it further proves that the old and the new can coexist in the world of financial technology. Like SWIFT before it, SWFT…