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SWIFT denies the partnership with the ripple

After intense speculation about a possible partnership between Ripple and Swift, the rumor seems to have finally reached the end, after SWIFT categorically denied that there were conversations between the two companies.

According to an exclusive of Finance Magnates, a SWIFT spokeswoman denied the rumors after the team of journalists contacted them trying to get an official statement to clarify the situation.

"I'm not sure where these voices come from, but the imminent release of standards … is completely unrelated to RippleNet. 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. "

These statements confirm a previous article by Ethereum World News, which analyzed some of the causes of this rumor and the few possibilities it had to be right.

SWIFT – Ripple: two "enemies" or two future best friends?

Ripple and Swift are direct competitors in the same market, but the difference in capital and influence in the financial world is too asymmetric to think about the feasibility of an initial partnership on an equal footing.

Swift has expressed interest in updating its platform. Harry Newman, head of the banking sector at SWIFT, told the Financial Times in June: "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.

Beyond that, the SWIFT team initiated a series of tests with blockchain technologies, which reportedly came out "extremely good."

However, it is very likely that if the SWIFT team were to adopt (even experimentally) the use of blockchain technologies, they would feel more comfortable with their own network than with third party technology.

The growing wave of voices, increased by the excellent financial results of the company, had a positive impact on prices. Ripple has succeeded in taking the place of Ethereum as the second largest cryptocurrency in the world and, although it has now lost that position, the difference between the two tokens is shrinking.

Ripple had exceptional performance during 2018, which had a very positive impact on the evaluation of the XRP token, however, Ethereum suffered a series of delays in its ads that damaged the evaluation of its ETH token.

Currently, Ethereum has a total market capitalization of $ 22,169,571,726 and $ 21,068,066,192 for XRP. SWIFT for its part has signaled the mobilization of at least 5 trillion dollars a day in 2004 according to a report by the US Treasury Department.

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