A lot of people in the digital currency space, especially those in the community of XRP (XRP), have been debating over the past couple of months whether or not SWIFT and Ripple are in a partnership. Considering the numerous achievements of Ripple Inc. in social networks, events, and press publications, a lot of people believe the partnership of Ripple and SWIFT is a natural step in the evolution of the finance world.
Back in October last year, EthereumWorldNews analyzed the possibility of SWIFT partnering with Ripple Inc. The crypto news platform said that it is unlikely for such a dream to come to pass, or it cannot be achieved in the short or medium term.
SWIFT and Ripple Dispelled the Doubts
Recently, both SWIFT and Ripple dispelled the doubts by their actions. They didn’t have to deny the rumors for people to understand that they are providing the same solution, which means they are rivalries. A few weeks ago, SWIFT published an article on their official website. In the article, the firm said that the development of a system based on the use of blockchain tech in a state of constant evolution.
The GPI system of SWIFT proactively processes interbank payments quickly, cost-effectively, and seamlessly.
The Global Head of Payments and Collection Products, Deutsche Bank and Managing Director – Christof Hofmann said, “We believe the pre-validation service of the GPI will add significant value to our clients, increasing the overall GPI client experience. Beneficiary account validation addresses an important pain-point in cross-border settlements; it will help increase STP ratios while minimizing fraud and exception handling.
The blockchain solution of SWIFT is based on Hyperledger Technology. As such, partnering with Ripple Inc. is apparently unnecessary for SWIFT.
Ripple Is Not Part of SWIFT’s Plan
On the 8th of November last year, a spokesperson at SWIFT said that although the firm was working with blockchain, Ripple is not part of their plan.
In a statement, the spokesperson said, “I am not sure where those rumors are coming from but the release of the upcoming standard is absolutely unrelated to RippleNet. Its fundamental purpose is to make sure all payments include a tracking reference that will enable banks to track their GPI payments end-to-end in real time.”
SWIFT Is Also Not Included in the Plan of Ripple
Cory Johnson also cleared the community on this issue. He said that Ripple Inc. intends to offer a product that competes with SWIFT, with the hopes of replacing SWIFT. Steven Diep disclosed this in a post on Twitter. In the tweet, he showed an extract from an interview with the chief market strategist of Ripple Inc. at the end of 2018.
According to the tweet, “Ripple is meant to be a replacement for SWIFT. XRP (XRP) is meant to be a digital means of moving value. At the moment, all our clients are still using SWIFT and they are using the products of Ripple. So I don’t know if there is anyone that is 100 percent on us.”
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP (XRP) is changing hands at $0.3761 after an increase of about three percent over the past twenty-four hours. The current market cap of the digital currency is $14.76 billion with a trading volume of $555.48 million.