SWIFT and Ripple will continue to compete against each other in the global payment market

There have been several rumors during the last year about Ripple having signed a partnership with SWFT. Ripple is one of the largest companies in the virtual currency market and SWIFT is the largest cross-border transaction service provider. SWIFT is a market leader that has been offering these services for over 40 years. Ripple is trying to revolutionize this sector by providing faster and better services to financial companies around the world.

Although the rumors spread on the Internet about the possibility of a partnership between these two companies, the reality is that none of them has denied or accepted these allegations.

Some time ago, SWIFT published an article explaining that they are working with blockchain technology to improve their services. The SWIFT The GPI system is processing interbank payments quickly and economically, reducing friction and increasing efficiency.

Christof Hofmann, MD and Global Head of Payments and Collection Products of Deutsche Bank commented:

"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 the STP rations while reducing fraud and handling exceptions. "

SWIFT is working with Hyperledger technology to create its own blockchain solution. This shows that there may not be a reason to work with Ripple in the future. Also, a SWIFT spokeswoman commented that they are not going to work with Ripple in the future. The spokesman said he is working on a platform that is not related to RippleNet.

Moreover, Ripple they responded that they are also working on a product that aims to compete against SWIFT rather than collaborate with them. This is what Cory Johnson, Ripple's market strategist, has clarified this problem by explaining that Ripple wants to be a substitute for SWIFT.

– Ripple is designed to replace SWIFT
– XRP is thought to be a digital way to move value
– All Ripple customers use both Ripple and SWIFT

Cory Johnson, Ripple
Nov18 pic.twitter.com/egqDlbvCyX

– Steven Diep (@DiepSanh) January 3, 2019

Ripple is expanding all over the world trying to improve cross-border transactions between financial companies and banks. SWIFT it has a service that tends to be slow and old compared to what Ripple is developing in a healing way. At least in the short term, these companies are not working together.