- Swift Chief Reveals Collaboration between Swift and R3
- Partnership with R3 will allow Swift to connect its GPI solution to Corda Blockchain
- XRP Price Gets a Positive Trend
According to recent reports, top financial messaging service Swift will be partnering with the Blockchain firm, R3. Swift’s CEO, Gottfried Leibbrandt, gave the announcement about the arrangement and the goal of the initiative. In a statement, Leibbrandt said Swift would integrate R3‘s platform with GPI (Global Payments Innovation) its recent solution for cross-border remittances.
R3 Aims to Bridge the Gap between the Banking Sector and the Blockchain Sector
R3 was reportedly founded in 2014. The Blockchain firm leads a group of top financial institutions with the goal of cutting down the gap between the banking sector and Blockchain technology. According to a statement on their website, Swift’s partnership with R3 will reportedly allow Swift to hook its GPI solution to R3’s Blockchain platform, Corda. Firms that depend on R3‘s Blockchain network will have the option to authorize and settle payments using the GPI Link.
XRP (XRP) Price Today – XRP / USD
Name Price 24H % $1.28
According to Swift, GPI technology can speed up cross-border transfers between banks and it offers real-time end-to-end tracking of transactions. Leibbrandt made the statement about R3 sitting beside Ripple chief, Brad Garlinghouse. Garlinghouse is a fierce competitor of R3. Ripple hasn’t been shy about its bid to claim business from the payments processing giant. On the same occasion where Swift’s chief made his remarks, Garlinghouse said Ripple was open to “working with Swift.” In the end, neither company gave any clues regarding a partnership between in the future.
Swift is the undisputed leader when it comes to cross-border payments. The firm has over 11,000 institutions that use its platform. Swift moves about $200 billion worldwide daily. One drawback here is that Swift’s service can be slow and expensive and slow. No wonder Garlinghouse said that this model deployed by Swift is centralized. Proponents of Blockchain technology often point to its non-central authority as the major benefit for quick funds transfers across borders.
XRP Price Gets a Positive Trend
The price of XRP is under pressure against USD just like Bitcoin and Ethereum. The price of XRP will only sell on rallies if there is a close above the $0.2350 mark on the daily chart. The price of the digital asset is now correcting higher which is a positive sign. However, it will likely struggle close to the $0.2180 and $0.2250 area. We can also see a bearish pattern with the resistance position at $0.2250 via the hourly chart. The price of XRP will likely resume its decline should it fail to bridge the $0.2250 resistance area.