Ripple’s partner company, The Clearing House, is working with banking service Wells Fargo on a project that could replace the SWIFT system with its new instant payment system.
Clearing House has partnered with American financial services firm Wells Fargo on a cross-border payment system “designed specifically to support digital commerce” that could potentially replace the SWIFT system.
Clearing House and Wells Fargo Partners
The system known as the Real Time Payments (RTP) Service enables the transfer of digital currency between eligible accounts at Wells Fargo will make it easier. A new Wells Fargo online service contract was shared on Twitter detailing how this project could directly challenge SWIFT’s dominance;
Clearing House made the following statements on the subject;
“The digital, on-the-go, where we live and work today, unlike competing payment systems, the RTP system includes real-time shipments, instant confirmation and secure two-way messaging. In addition, transfers will be instant. It will also give the account holder maximum control.”
However, at this time, the RTP service appears to be heavily restricted in Wells Fargo with a single payment limit of $5,000, although Clearing House has stated elsewhere that its system operates within a $100,000 credit transfer limit. looks. Wells Fargo also reserves the right to discontinue, modify or suspend access to the RTP service at any time.
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