SWIFT Payment Launches Test for "Payment Validation System"

The Ripple Blockchain team to overcome the decades-old SWIFT payment network has gained media attention. Its underlying products and the XRP digital token have become a priority for various interbank financial telecommunications and digital money transfer services worldwide.

The SWIFT payment responses to the competition by the blockchain companies

The international SWIFT payment is undoubtedly the competitive pressure of its blockchain competitors like the Ripple Blockchain solution. As such, at the beginning of December 2018, SWIFT announced the launch of the "integrated payment validation" which appears as the business approach to compete with Fintechs and emerging Blockchain solutions companies.

SWIFT tests a new payment system to compete with Fintech and the emerging Blockchain solutions. https://t.co/N3HWLRMffn

– Christoph Kreiterling (@KreiterlingCh) January 3, 2019

By announcing this, SWIFT intends to examine the growing claims on the effectiveness of the payments received so far. Initially, the company has finalized 14 main banks for pilot testing on "pre-validation" to detect errors. His official statement reads as follows;

The pilot is the first phase of the launch of the ambitious gpi validation program. The goal of the pilot project is to build the foundations of a new integrated and interactive service that will significantly improve the efficiency of the payment process and which will eventually be made available to all 10,000 banks through the network. SWIFT.

Can Ripple Blockchain replace the SWIFT payment network?

As such, Ripple's chief market strategist, Cory Johnson, focuses on Ripple on the SWIFT network. In a video revealed today, he highlighted the fundamental aspects of Ripple Blockchain solutions.

– 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

How far is Ripple to overcome the SWIFT payment network?

However, Cory's video was captured in mid-November 2018 shortly after Brad Garlinhouse, Ripple's CEO interviewed Bloomberg about how Ripple aims to overtake the SWIFT banking network. As a result, Brad Garlinhouse told Bloomberg that there are at least 100 SWIFT-related banks including the giant Santander Group that already uses Ripple's xCurrent product.

– 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

While Cory Johnson relies on Ripple on SWIFT for customers around the world, he also discussed the fact that several customers use both Ripple and SWIFT. Adding this, he said that their preferred payment choice would go for something that offers a quick transfer with less cost, which is possible through Ripple and XRP. He also added, XRP focuses exclusively on values, the transfer of 1500 transactions per second is a very quick thing to happen in a digital network, he embraced.

I expect the customer to use only the Ripple product, he concluded

What do you think of the latest SWIFT test of the new payment system? Will you adopt Ripple's underlying products? Share your opinion