SWIFT Says it isn’t Joining
RippleNet
This was based on the belief that with the integration, RippleNet —
an enterprise blockchain which does not use XRP — would serve as a
gateway to convincing SWIFT members to adopt XRP-integrated Ripple
products like xRapid in the future.
Fueling the rumor was the fact that SWIFT had announced that
beginning in November its new standard in cross-border money
transfers, SWIFT global payments innovation (GPI), would be upgraded
with the GPI tracker being extended to all payment messages for 11,000
banks on the network across 200 countries. With this upgrade, the
rumor went, about 4,000 banks would now get access to Ripple
products.
However, these rumors have been dismissed by SWIFT, according to
Finance Magnates. Through its public relations firm, the bank-owned
payments network that was founded more than four decades ago denied
that the upgrade had anything to do with RippleNet:
“I’m not sure where those rumours are coming from but the
upcoming standards release … is entirely unrelated to
RippleNet.”
Possibly also contributing to the speculation are some developments
which have taken place in the last couple of years. In April of last
year, for instance, Ripple hired a former SWIFT executive who was
responsible for selling its GPI offering, Marjan Delatinne, as its
sales director for Europe.
Worlds Apart in Terms of Speed
SWIFT
@swiftcommunity
Speed, transparency and traceability. With #SWIFTgpi, we are proud
to be delivering on our #payments promises to the global community.
ow.ly/KZ2S30kYo39 #InsistOnSWIFT
46 10:05 AM - Nov 5, 2018
94 people are talking about this
Had the speculation been true, such a partnership could potentially
have seen SWIFT greatly benefit from the RippleNet, especially with
regards to transaction speeds. While RippleNet claims it can route
“payments efficiently and leverage instant settlement to transact in
seconds,” SWIFT says that even with the upgrade, only 50% of the
SWIFT GPI payments are credited in under half an hour — and SWIFT
thinks that this is worth bragging about.
Prior to the brief “ flippening ” earlier this week, the market
capitalization of XRP had overtaken ethereum’s a couple of times this
year, as CCN had previously reported.
RippleNet
This was based on the belief that with the integration, RippleNet —
an enterprise blockchain which does not use XRP — would serve as a
gateway to convincing SWIFT members to adopt XRP-integrated Ripple
products like xRapid in the future.
Fueling the rumor was the fact that SWIFT had announced that
beginning in November its new standard in cross-border money
transfers, SWIFT global payments innovation (GPI), would be upgraded
with the GPI tracker being extended to all payment messages for 11,000
banks on the network across 200 countries. With this upgrade, the
rumor went, about 4,000 banks would now get access to Ripple
products.
However, these rumors have been dismissed by SWIFT, according to
Finance Magnates. Through its public relations firm, the bank-owned
payments network that was founded more than four decades ago denied
that the upgrade had anything to do with RippleNet:
“I’m not sure where those rumours are coming from but the
upcoming standards release … is entirely unrelated to
RippleNet.”
Possibly also contributing to the speculation are some developments
which have taken place in the last couple of years. In April of last
year, for instance, Ripple hired a former SWIFT executive who was
responsible for selling its GPI offering, Marjan Delatinne, as its
sales director for Europe.
Worlds Apart in Terms of Speed
SWIFT
@swiftcommunity
Speed, transparency and traceability. With #SWIFTgpi, we are proud
to be delivering on our #payments promises to the global community.
ow.ly/KZ2S30kYo39 #InsistOnSWIFT
46 10:05 AM - Nov 5, 2018
94 people are talking about this
Had the speculation been true, such a partnership could potentially
have seen SWIFT greatly benefit from the RippleNet, especially with
regards to transaction speeds. While RippleNet claims it can route
“payments efficiently and leverage instant settlement to transact in
seconds,” SWIFT says that even with the upgrade, only 50% of the
SWIFT GPI payments are credited in under half an hour — and SWIFT
thinks that this is worth bragging about.
Prior to the brief “ flippening ” earlier this week, the market
capitalization of XRP had overtaken ethereum’s a couple of times this
year, as CCN had previously reported.
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