PORTLAND, Oregon ¨C In the quest for a faster and more traceable way to transfer money internationally, banks were gravitating a few years ago to Ripple, a platform backed by Silicon Valley luminaries and global financial institutions.
Now it¡¯s gotten complicated. New options are surfacing that, like Ripple, use the hot technology called blockchain to send and record transactions across borders. For banks, the challenge is to agree on a standard quickly to fend off rivals like TransferWise Inc. and Cambridge Global Payments, which are grabbing a share of the $30 trillion a year in international transactions between businesses.
¡°If they don¡¯t run the network, banks are not going to get transaction revenue,¡± said Alenka Grealish, a manager at Boston Consulting Group who focuses on global transaction banking. Banks make money on each overseas transaction and on foreign exchange.
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