Swiss banking giant IBIS Management Associates Inc has announced its integration with RippleNet. Now the users will be able to have access to both SWIFT and RippleNet on the same platform.
IBIS Management Associates Inc, a Swiss payment solution provider has announced that it has integrated its system to support the Ripple remittances service, RippleNet. This was made possible through the company’s SWISSRoute service.
According to the company’s recent release, the platform enables users to access the international payment network SWIFT, known for interconnectivity with several payment platforms.
Single Connectivity for Multiple Platforms
The essence of SWISSRoute is to create a single “adapter” that allows users to connect with different payment systems without the need to have a direct link with the specific financial institution they’re transacting with. Furthermore, it streamlines movement of funds from traditional financial systems and emerging technologies. Its main advantage is the interbank connection with other payment systems that creates efficiency and connectivity.
By using the ISO messages and standardized global formats (MT), IBIS is confident that there are many benefits derivable from its service.
Ease of Utilization
The ease of use is such that customers do not need to acquire proprietary licences for the SWIFT hardware before they can connect to the network. An update from the company said regarding usage that:
“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.”
The platform was developed in collaboration with Finastra to use real-time Alchemy interface. IBIS said that the product is ideal for companies working in multibank setting seeking a seamless connectivity between financial institutions. With its services, the firm stated that users would be able to have access to SWIFT and RippleNet platforms in one “pocket”. It’s immense potentials ensures that the users would conveniently process payments made from RippleNet and a myriad of other financial platforms through the IBIS banking integration.
Ripple has been an active player in international remittance service. Its blockchain-based RippleNet was described by IBIS as a platform that helps user move funds and information securely.
“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.”
In an effort to promote the platform, the release said that users would be discovered by more customers, adding that the transparency of the blockchain is an added boost to the near instantaneous movement of funds as experienced on the network.
Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.