SWIFT Won't Be Integrating With xRapid, XRP or RippleNet

Published 5 years ago on November 07, 2018

SWIFT Won't Be Integrating With xRapid, XRP or RippleNet

SWIFT , the global payments network has been shooting down rumours that its platform will begin to integrate with Rippleâ€™s suite of software solutions for cross-border payments. SWIFT is updating its protocol standard this month and is also letting its customers know that they should upgrade to the firm's new global payments platform called SWIFT gpi. News regarding the upgrade led to a mixture of different rumours about the SWIFT gpi that it would make the XRP powered payment solution xRapid and RippleNet available to thousands of banks on the SWIFT network. During the SWIFT International Banking Operations Seminar (SIBOS) in Sydney, which opened up its doors on 22nd October for four days to over 7,000 bankers from all around the world, Rippleâ€™s was one of the attendants which led to confusion amongst the community as some believe that this was a sign that SWIFT and Ripple would release a joint announcement of sorts. I addition to Ripple and several banking participants some of the biggest names in tech attended including, Microsoft, IBM and Google. The event is held at the international convention centre in Sydney and it a networking event which mixes up traditional finance, tech and some of the most exciting emerging technologies which are changing the banking industry. As stated by the Daily Hodl, in reference to Rippleâ€™s attendance at the conference:

â€œThe San Francisco-based company, also in attendance at Sibos, has been making waves in the banking industry on the strength of RippleNet, its cross-border payments platform that has signed on more than 100 financial institutions. Ripple takes aim at SWIFT by offering a suite of blockchain-based software APIs that can reduce fees and transaction speeds, and offer more transparency in a frictionless environment.â€

Despite all the rumours running through the ether, a spokesperson for SWIFT said that there is absolutely no truth in them. In a new interview with Finance Magnates, the spokesperson stated:

â€œIâ€™m not sure where those rumours are coming from but the upcoming standards release â€¦ is entirely unrelated to RippleNet.

Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time.â€

What are your thoughts? Let us know what you think down below in the comments!

Adrian Barkley

Adrian is an avid reader who first stumbled across Crypto after reading 'The Basics of Bitcoins and Blockchains' by Antony Lewis in 2018. Since then, Adrian has immersed himself within the industry, and has a real interest in Enterprise Blockchain solutions.