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 . "
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 system using Ripple'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-value 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."