Will AtoX replace SWIFT?
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a non-profitable international and cooperative organization between international bank that provides fast, accurate and excellent services to international financial services. It operates a world-class financial transaction messages network, through which banks and other financial institutions can exchange messages with their peers to complete financial transactions.
SWIFT has more than 10,000 members of financial institutions around the world. In May 2017, Global Payment Innovation (GPI) services were launched, and SWIFT GPI has become the new standard in cross-border payment. Today, hundreds of thousands of cross-border payments are sent with the new GPI standard; The amount paid using GPI each day exceed $100 billion; 50% of GPI payments take less than 30 minutes to reach the final beneficiary account. The industry's Big Mac is facing threats from the blockchain.
According to Carlos Carriedo, general manager of American Express, the blockchain is likely to revolutionize the mode of payment globally. At the conference named "Wings of Change in Europe" in Madrid on December 10, Carriedo made a speech confirming that the use and development of the blockchain have been listed on the company's agenda.
“The blockchain is the choice we are seriously considering. We have invested in a financial science and technology laboratory based on blockchain technology just to understand how we can make better use of this technology. We have conducted a series of tests with Santander Bank (Santander) for cross-border payments. After a series of tests for cross-border payments – in a few seconds, our clients will be able to remit money from one place in the world to another in a very transparent and smooth way.”
The advantages of the blockchain are undoubtedly very obvious, well, as the representative of the finance-grade blockchain technology, Atox will undoubtedly play an important role in the field. We have compared AtoX with Ripple, which is superior to Ripple in terms of interface richness, and there are many obvious advantages in its trading speed.
AtoX is determined to be a global digital bank. Its technology has two original intentions: security and efficiency. We are looking forward to the killer application roaring across the horizon. Perhaps this hope lies in AtoX. After all, blockchain technology itself is has a wide application prospect in the financial industry.
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