Israel’s largest financial institution GMT has been announced to be the representative of the Ripple project in the nation. GMT, a company specializing in international and local transfers, joins American Express, EarthPort and MoneyGram, and the many others who are already working with the Ripple platform.
The announcement was made via a blog post on the company’s site, saying,
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…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 was founded in 2001 and has over 250 branches in the country. Ripple’s roping in of a big institution feeds its goal of creating a global cross-border network powered by Ripple’s technology.
With the recent release of a report detailing the problems of SWIFT in cross-border payments, and increasing use of Ripple as a payments solution, the project has done well in 2018 as far as exposure is concerned.
Ripple Has Eyes Set on Cross-Border Payments, Says Official
Ripple’s Managing Director of the South Asia, Middle East and North Africa regions, Navin Gupta, in the BlockOn conference at Bahrain said that cross-border payments is a prime focus for the team, prioritizing it over any solutions,
…we will change the remittance universe, the way you understand the way value gets transferred across the world between people, between institutions…every day we get tens of ideas to say, ‘Why don’t you do securities settlement? Why don’t you work in trade finance? Why don’t you do x, y, z? And what we tell them is, ‘Just cross-border remittances is a $155 trillion problem. We’ll solve this first. We’ll make a difference to everybody who is present in this room. And once we have made the difference, only then we will look at something else.
The tail end of 2018 has seen Ripple partner with several entities across the world, a necessary and fruitful step forward for a project that is attempting to challenge the SWIFT system. Business expansion will be crucial for the project, as persuading financial institutions to join RippleNet and consider DLTs as solutions for various industry problems.