Swift

Bank of America has launched a cross-border payment tracker though its Swift GPI module that allows clients real-time visibility into their international payments.

Interoperability has become a top priority in the minds of those advancing faster payments.

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Ripple Labs Inc., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the Swift banking network, Chief Executive Officer Brad Garlinghouse said.

Enterprise customers will be able to send payment data to the bank through an application programming interface, rather than as XML or Swift files.