The potential integration between SWIFT and Ripple, which would make Ripple's products available to 4,000 new banks, is a false rumor.
Lately, there has been speculation about the partnership between the global financial settlement solutions provider Ripple and the global interbank telecommunications company (SWIFT), the world's leading provider of secure financial messaging services. There was talk of a potential integration between SWIFT and Ripple, which would make XPR a new path for cross-border settlements. Reports on the Internet have stated that SWIFT, in its next update, would make Ripple's products available to 4,000 new banks.
The crypt of Ripple has already shown good market performance, exceeding the value of Ethereum. Its current market capitalization amounts to $ 20.4 billion and the price is $ 0.508 per currency. With these results, positively carried out by speculation, XRP is a serious competitor for Ethereum, the second top crypto.
However, the rumors turned out to be false. According to Finance Magnets, a SWIFT spokeswoman denied them after the team of journalists contacted the company trying to get an official statement to clarify the situation. As stated by the spokesperson, the update to the SWIFT GPI system was of a technical nature that would have allowed a tracking reference to be added to all transactions.
"I'm not sure where these rumors are coming from, but the imminent release of standards … is totally unrelated to RippleNet, its main purpose is to ensure that all payments include a traceability reference (UETR, Reference single end-to-end transaction), which will allow banks to track their end-to-end GPI payments in real time. "
After SWIFT categorically filed the talks between the two companies, intense media speculation about a possible partnership between Ripple and SWIFT seems to be on the verge of extinction.
SWIFT to update its platform
SWIFT is a global-owned cooperative and the world's leading provider of secure financial messaging services. The company provides an interbank network that enables financial institutions to exchange information on financial transactions securely, reliably and securely. SWIFT has served its customers for over 40 years, its messaging services are used and trusted by more than 11,000 financial institutions in over 200 countries and territories worldwide.
In June, Harry Newman, head of the banking sector at SWIFT, said:
"It is no secret that the corresponding banking system is a model of 1998 and we are committed to solving it, leading it to a model of 2018".
An additional update is planned for the SWIFT GPI on 18 November. According to the company, the update is technical, with a traceability reference to all transactions.
In addition, the company promises to release SWIFT standards, allowing customers to learn more about their next update and gain access to cross-border payment innovations served by SWIFT.
The 2018 version of the SWIFT standards is only a month away, with the update of this year which allows customers to access a series of new innovations in cross-border #payments. Here are four things you should do before release: https://t.co/r3S1kFB12T pic.twitter.com/QHz6BAqWfa
– SWIFT (@swiftcommunity) 2 November 2018
The SWIFT team conducted a series of tests with blockchain technologies. Despite the fact that the team is trying to experimentally use the blockchain, the company will probably feel more comfortable with its own network than with third party technology.