Microsoft announced a partnership with the International Banking Financial Communications Association (SWIFT) on the 21st of this month . According to the company’s announcement, it is said that by integrating SWIFT’s payment network into Azure’s cloud provided by Microsoft, it is possible to build a safe remittance system faster than before.
SWIFT is currently working with 11,000 financial institutions in 200 countries around the world and is used as a standard for international remittances. Although SWIFT tends to be compared in the rise of xRapid etc. provided by Ripple, it seems to be the focus whether we can rework this composition by this alliance.
Arnaud Boulnois, top of the SWIFT customer platform, says:
“This is a major step in showing that the cloud can improve the operational efficiency of the back office, and SWIFT will continue to make efforts to reduce friction and inefficiency in the financial services payment ecosystem.”
Discussions about whether Ripple or SWIFT will be used as a standard for international remittances in the future can always be found in various places but it is noteworthy in the future movements of both.
Article Source: Microsoft
XRP may be able to cut costs and time, but SWIFT is already being used as a standard already
Author: kaz 【Coin Desk News】 – Source Post: https://crypto-times.jp/microsoft-partners-with-swift/
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