Swift and Ripple will keep going head to head this year, because the voices of a partnership come to nothing …
by Manoj Sharma for CNR
In the last two years, many advocates of cryptocurrency, especially those who are siding with XRP, have discussed a possible partnership between SWIFT and Ripple. Since Ripple has consistently increased its results on social networks, press releases and events, most users in the crypto community view the partnership as a "natural" step in the evolution of the financial sector.
However, any hope of a union between the couple – and it was a recovery at best – has been extinguished by a new announcement.
He came to SWIFT, which published an article on its official website on the latest progress of its system, based on the use of blockchain technologies. The GIF SWIFT system proactively processes interbank transactions quickly, economically and without problems, he says.
Christof Hofmann, Global Head and Managing Director of Payments and Collection Products, Deutsche Bank, Germany, said that "we believe that the GPI pre-validation service will add significant value to our customers, increasing the overall experience of the GPI client. The validation of the beneficiary account addresses an important pain point in cross-border payments, will help increase STP ratios by reducing fraud and handling exceptions. "
SWIFT uses Hyperledger technology to develop its own blockchain-based solution. So the partnership with Ripple makes no sense to the financial giant.
That said, a SWIFT spokesperson confirmed on November 8, 2018 that the company is not working with Ripple to develop its blockchain-based solution. "I'm not sure what the rumors are coming from, but the release of the upcoming standards … is definitely not related to RippleNet," they said.
"Its main purpose is to ensure that all payments include a tracking reference (UETR, unique end-to-end transaction reference) that will allow banks to track their end-to-end GPI payments in real time" .
On the other hand, Cory Johnson clarified the rumors, saying that Ripple intends to offer a product that competes with SWIFT and will probably replace it in the future. Expect more details about this at some point this year …