Swiss banking giant unites Ripple and SWIFT on one platform

  • Payment solutions company IBIS Management Associates Inc. eto RippleNet through SWISSRoute service.
  • The connection allows customers to connect to several banks through a single secure channel.

Payment solutions and consulting company, IBIS Management Associates Inc. recently announced that it has enabled its customers to connect to RippleNet. Through the SWISSRoute service, developed by IBIS, users will be able to access a gateway to the SWIFT international payment network.

The SWISSRoute service is a cloud-service solution that allows the creation of “adapters” that connect various payment networks to the traditional financial system. In this way, users of the service have access to multiple financial institutions using a single channel. The service allows business flows to be streamlined and automated, improving interbank connection. The service uses standardized global ISO messages and proprietary formats (MT). IBIS says that customers will have additional benefits:

With SWISSRoute you don’t need to acquire or license any of the proprietary SWIFT hardware and software required to connect to their network. Instead, you can leverage our secure cloud-based services. Our infrastructure is compliant with SWIFT’s security and business continuity standards and we manage all of the upgrades so that you can take advantage of all of the latest SWIFT capabilities.

Developed in conjunction with Finastra, SWISSRoute uses the Alchemy real-time interface. According to IBIS, the ideal customer for using the new adapter with RippleNet are companies operating in a multi-bank environment that are looking for a “modern” payment solution.

Ripple and SWIFT on one platform?

IBIS announced that its customers will be able to connect to Ripple and SWIFT in their “pockets”, on one platform. In that sense, IBIS stated that its customers will have unlimited banking possibilities. SWIFFRoute customers will be able to process payments through RippleNet and an “out of the box” banking integration.

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IBIS defined RippleNet as a blockchain solution that removes friction in cross-border payments. IBIS added that RippleNet allows its users to move money as securely as they move information:

The solution works within a large network of partners. This network enables financial institutions to efficiently engage with hundreds of counterparties and settle payments in real time with a single API connection.

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All customers will benefit from secure, transparent, and almost instantaneous cross-border payments. A standardized API for all counterpart connections. Finally, a network of global banks and payment processors with recognized rules and standards. IBIS added:

Through RippleNet™ you will discover and be discovered by new partners that will expand your global banking reach. The ease of Ripple makes it possible to cross borders into new markets, new currencies and new banking partners. Contact us today to find out more about the new SWISSRoute & Ripple bundle.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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