Bank of America, Santander and the Royal Bank of Canada have today announced they’ve joined forces to create a global blockchain payments network using Ripple’s distributed ledger technology.
UniCredit, Standard Chartered and the Westpac Banking Corporation have also joined the effort, which seeks to form the foundation of a global network that performs a similar service as SWIFT inter-bank messaging but with near-instant settlement times. Canadian bank CIBC is also participating.
Fundamental to the Global Payments Steering Group’s early mission is the creation and maintenance of a payments transaction rulebook and formalized standards that they intend to then take to international standards-making bodies.
http://www.coindesk.com/global-banks-blockchain-payments-network/
