It all started with the distinctive screech of Telex machines across banks all over the world. But “you are too young to recall” it, says Dilip Rao. His colleague Sagar Sarbhai interrupts him to note, “I was not born then. I’m pretty sure he was not born either,” he says, motioning towards Rao.
Rao is the global head of infrastructure innovation at payments technology company Ripple and Sarbhai heads the government and regulatory relations for APAC and the Middle East at the firm. They are talking about the era before the Society for Worldwide Interbank Financial Telecommunication (Swift) which provides a messaging network to banks.