SWIFT denies the voice of Ripple Integration

SWIFT launched cold water on a rumor on Wednesday (November 7) which helped raise the price of XRP, the cryptocurrency associated with Ripple, before Ethereum.

According to a Finance Magnet report, rumors circulated that the ongoing update of the SWIFT network would have allowed Ripple to be available for approximately 4,000 more banks. A SWIFT spokeswoman told the publication that the rumors are not true. The update to its GPI system – which was announced in March – is technical, allowing the addition of a tracking reference to all transactions, observing the report.

"I'm not sure where these rumors are coming from, but the imminent release of standards … is not entirely related to RippleNet," the spokesperson said. "Its main purpose is to ensure that all payments include a tracking reference (UETR, unique end-to-end transaction reference), which will allow banks to track their GPI payments in real time." A source close to the subject said Finance Magnates that no proof of any integration can be found.

The news of SWIFT was not the only news for the inter-bank messaging system this week. The New York Times, citing SWIFT, reported that SWIFT is disconnecting Iranian banks from the messaging system due to US sanctions against 50 of Iranian financial companies located in the country. SWIFT would not say if the ban applies to all financial corporations on Iran's list of Iranian government sanctions. Steven Mnuchin, Treasury Secretary, said last week that SWIFT must disconnect any bank in Iran that is on the list, the report noted.

The move by SWIFT will help the Trump administration to isolate the Iranian government and could worsen the US struggle with the European Union, reported The New York Timesand it could also strengthen the efforts of the EU to create a payment system that is not influenced by the White House. The EU said it is working on one, but the newspaper has pointed out that it faces a tough battle. None of the European countries offered to be the host country for the payment company because they are worried about retaliation from the United States. In a statement to the newspaper, SWIFT said the move to free Iranian banks from its messaging system was "deplorable" but that it was necessary to maintain the integrity of the financial system worldwide.