RippleNet does already consist of more than 120 members. The newest member is financial company GMT of Israel. GMT sees great opportunities in Ripple’s software to streamline its internal processes and save money on the international remittance market.
GMT is a financial services company based in Israel and the country’s largest financial institution. They want to use Ripple’s software to optimize cross-border payments, expecting faster transactions (throughput rates) and significant cost savings. GMT is excited to cooperate with an up-and-coming company like Ripple:
“GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform. This partnership is establishing GMT’s place in the forefront of the Israeli Fintech industry, also allowing us to work side by side with some of the leading companies in the world.”
GMT: The newest Ripple Partner
Ripple deliberately selects its partners. After a long selection process, all necessary requirements can be fulfilled by both sides:
“After a long and precise process GMT was chosen to be Ripple’s representative in Israel, by so joining Ripple, and its partners, in creating a global financial system, with high-end technology and values such as; transparency and affordable costs.”
For the time being, it remains unknown whether GMT will be using xCurrent, xRapid or the Ripples’ native token XRP. GMT wants to compete with the widely-used transfer system SWIFT. Most banks and financial networks worldwide use SWIFT to process international transactions. However, the system has been criticized by many industry experts for being ‘outdated’ and ‘obsolete’.
Ripple’s network grows with yet another heavyweight that recognized the benefits and opportunities of Blockchain technology and will use it within its own systems.
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Unfortunately, the current market trend contrasts with the latest developments and adaptation of the industry.