It has been a constant buzz for a time period of as long as a couple of months to make sure over the fact if Ripple Inc. and SWIFT have partnered. In fact, considering the recent uptrend in the performance of Ripple Inc., and coming up more often on the popular platforms like social networks, events and press publications, some of the people do believe in the fact that they have partnered for a financial evolution at a global scale. The rumour spread like wildfire back in October last year, when EthereumWorldNews actually analyzed the possibility of a partnership of the aforementioned. However, the crypto news platform highlights the impossibility of such probability and that it is rather unlikely for Ripple Inc. and SWIFT to partner.
An initiative was taken by Ripple and SWIFT to burst the bubble of rumour
A few weeks ago, SWIFT had officially published an article on their website, stating that the development of a system is based on the use of blockchain tech in a state of constant evolution. SWIFT and Ripple conjointly explained that they are on the verge of providing the same solutions which makes them the rivals rather than partners.
Considering the fact that the GPI system of SWIFT ideally process interbank payments in no time and is both costs effective and seamless, it is no less powerful than Ripple.
Christ Hofmann, the Global Head of Payments and Collection Products, Deutsche Bank and Managing Director opines:
“We believe the pre-validation service of the GPI will add significant value to our clients, increasing the overall GPI client experience. Beneficiary account validation addresses an important pain-point in cross-border settlements; it will help increase STP ratios while minimising fraud and exception handling.
It is, therefore, to be noted that the blockchain solution of SWIFT is based on Hyperledger Technology and it is partnering with Ripple is an unnecessary fact for the time being.
Why Ripple is not included in SWIFT’s project
Even though Ripple Inc. was involved for a short period of time with blockchain, it is not a part of SWIFT.
One of the spokespeople of SWIFT said that:
“I am not sure where those rumours are coming from but the release of the upcoming standard is absolutely unrelated to RippleNet. Its fundamental purpose is to make sure of payments include a tracking reference that will enable banks to track their GPI payments end-to-end in real time.”
Why SWIFT is also not involved with Ripple
Cory Johnson clarifies that Ripple Inc. aims to offer a product which stands in the battlefield with SWIFT. Steven Diep took initiatives to shine some light upon a significant post on twitter. It is supposedly an extract right from an interview with the chief market strategist of Ripple Inc.
The tweet goes as follows:
“Ripple is meant to be a replacement for SWIFT. XRP is meant to be a digital means of moving value. At the moment, all our clients are still using SWIFT and they are using the product of Ripple. So I don’t know if there is anyone that is 100 percent on us.”