Ripple partner company, The Clearing House, is working with Wells Fargo to challenge SWIFT’s dominance with a new instant payment system.
clearing house, A well known Ripple partner companyWells is working with Fargo on cross-border payments System“Specially designed to support digital commerce,” which could potentially replace SWIFT.
The system, known as the Real Time Payments (RTP) service, will facilitate the real-time transfer of digital currency between eligible accounts at Wells Fargo. A new Wells Fargo Online Services Agreement has been shared online that outlines how the project could directly challenge Swift’s dominance:
vast #XRP News!
Earlier I posted a video about a guy who revealed that Wells Fargo was a . training on #swift Replacement.
Now, I have received an online service agreement update from WF, talking about real time payment by clearing house, a #Wave Fellow!
strap in! 1/2 pic.twitter.com/PuYcrs5vnS
— Esoteric XRP (@naturalmed777) 15 March 2022
in clearing house Having said That the RTP service is specifically designed to “make the digital way we live and work today.” Notably, unlike rival payment systems, the RTP system includes real-time posting, instant confirmation, and a secure two-way messaging service. The transfer will be immediate and final, offering the account holder maximum control, “like cash.”
Still, at this point in time, it looks like the RTP service at Wells Fargo will be highly restricted, with a single payment limit of $5,000, despite what the clearing house says. somewhere That its system works within a credit transfer limit of $100,000. Wells Fargo also reserves the right to discontinue, modify or suspend the RTP Service at any time.
Ultimately, however, this is further evidence that digital currencies are increasingly being adopted by mainstream financial institutions. Major banks are recognizing the need to improve the flow of commerce in the digital economy with bespoke systems designed for that purpose. Indeed, despite some hesitation, Wells Fargo specifically announced That it will “reserve the right to add additional accounts” to the RTP service.