Major banks , including Bank of America Merrill Lynch , Santander , and Bank of Canada , have formed the Global Payments Steering Group ( GPSG ) , to create a new payment network using Google 's blockchain platform . The aim is to " drastically reduce " the amount of time it takes to transfer money , as well as allowing other " high - volume , low - cost global transactions " . Support our mission: >>>>> Ripple CEO and co - founder Chris Larsen said : " The work of GPSG , a new global interbank network , will give financial institutions and their customers the ability to make new types of payments at mass scale . "
Major banks , including Bank of America Merrill Lynch , Santander , and Bank of Canada , have formed the Global Payments Steering Group ( GPSG ) , to create a new payment network using Google 's blockchain platform . The aim is to " drastically reduce " the amount of time it takes to transfer money , as well as allowing other " high - volume , low - cost global transactions " . Ripple CEO and co - founder Chris Larsen said : " The work of GPSG , a new global interbank network , will give financial institutions and their customers the ability to make new types of payments at mass scale . "