Ripple Is Aiming to Overtake Swift Banking Network, CEO Says

Ripple Labs Inc., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the Swift banking network, Chief Executive Officer Brad Garlinghouse said.

The Swift, an acronym for the Society for Worldwide Interbank Financial Telecommunication, and IBAN (International Bank Account Number) systems have long been used by banks, individuals and businesses to send and receive money. Ripple was in the headlines in September when XRP, its cryptocurrency commonly referred to as Ripple, rallied briefly. It remains down more than 80 percent this year from its January peak, according to Bitstamp pricing compiled by Bloomberg.