Speaker BARBARA I. WEISS, CTP
Director, Senior Client Integration Product Manager
Bank of America Merrill Lynch
Video is from October 11 2021
One minute okay well you know there are 56 real-time rails globally right so but it's difficult to connect the payments from one clearing system to another so the challenge for truly interoperable course for the payments is developing the most efficient ways to connect these
networks to move money seamlessly in real time i know that you know there are a lot of problems with time zones and local currency controls and banking infrastructure like you know fax processing and i know swift is trying to work to connect these real-time rails using swift's instance uh but i will say in the time that i have left that a major competitiveness to SWIFT is ripple you know ripple's using ripplenet using distributed ledger technology to solve correspondent banking challenges and you know their technology offers bi-directional messaging in the payment system and actually uh you can answer questions about the legitimacy of funds and the correctness of any information so you know the banks that participate in ripple net are able to exchange bilateral payment instructions in real time and enter payments into local real time rails leveraging bilateral arrangements so i'm seeing that there's different you know competing schemes right it just illustrates how dlt is changing the payment's landscape which may obviate to me for slips instant transaction management capabilities thank you barbara
