SWIFT Payment System Denies Integration with Ripple’s Solutions

Rumors that Ripple’s chief competitor, the current SWIFT interbank network, would partner with it, excited the crypto community.

The SWIFT interbank payment network announced that it is not, in fact, being taken over by Ripple, nor is it partnering with xRapid, reports Finance Magnates. An earlier rumor held that an update in the SWIFT network would make Ripple’s transfer products available to thousands of banking customers.

The SWIFT interbank payment system has been criticized by the crypto community for its slowness and cumbersome procedure. For this reason, SWIFT is planning the GPI, or Global Payments Innovation upgrade. It was precisely in connection with this upgrade that the Ripple community suggested the innovation may include integrating some of the interbank payment features.

However, SWIFT denied the rumors. The GPI upgrade is using other approaches to modernize the banking network:

“It is no secret that correspondent banking is a 1998 model and we are busy addressing that, bringing it to a 2018 model,” said Harry Newman, SWIFT head of banking, cited by the Financial Times.

The GPI upgrade is expected on November 18, a date coming soon enough to add to the hype of the recent XRP rally.

The XRP digital asset, which would supposedly be used in some of Ripple’s payment systems, managed to break out of its stagnation, and for a brief period replaced Ethereum (ETH) as the second largest asset on CoinMarketCap.

XRP stopped its ascent at around $0.53, up 21% in the past seven days, on volumes of around $790 million in 24 hours. The many hopes pinned on the asset are still helping create short-term rallies. However, the predictions for XRP remain exorbitant, resting on the suggestion that Ripple’s network may take over the entire transaction volume of the SWIFT network.

Skeptics, however, don’t see this event happening soon, and others take notice that the actual XRP asset may not be needed in carrying transactions. Currently, XRP is used in donations, gifts and testing wallets to boost the popularity of XRP.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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