Ripple Labs Inc., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the SWIFT banking network, according to CEO Brad Garlinghouse.

The SWIFT (an acronym for the Society for Worldwide Interbank Financial Telecommunication) and IBAN (International Bank Account Number) systems have long been used by banks, individuals, and businesses to send and receive money. Ripple was in the headlines in September when XRP—its cryptocurrency, commonly referred to as “ripple”—rallied briefly before declining again.

Blockchain technology can eliminate the need for a central standardized system because it works as a public ledger, enabling the digital transfer of money without the need to route funds through accounts at banks and financial institutions. While ripple, bitcoin, and other cryptocurrencies have gained in popularity, they have yet to unseat the standards embraced by the financial industry for wire transfers. Based near Brussels, SWIFT has more than 11,000 customers in 200 countries and territories, according to its website.

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