SWIFT denies news of its partnership with RippleNet

SWIFT denies news of its partnership with RippleNet

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Answer SWIFT denies news of its partnership with RippleNet

After intense speculation about a “possible” partnership between Ripple and Swift, the rumors appear to be coming to an end after Swift categorically denied that there were any talks between the two companies.

According to Finance Magnates, a Swift spokesperson denied the rumors after the press team contacted them in an attempt to obtain an official statement to clarify the situation.

“I’m not sure where these rumors are coming from but the upcoming standards release has absolutely nothing to do with RippleNet. Its primary purpose is to ensure that all payments include a tracking reference (UETR, a unique transaction reference) which will allow banks to track GPI payments in real time.”

Swift and Ripple: ‘Enemies’ or best friends soon after?

Ripple and Swift are direct competitors in the same market, but the difference in capital and influence in the world of finance is largely asymmetric in thinking about the feasibility of an early partnership on an equal footing.

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Swift has expressed a desire to upgrade its platform. “It’s no secret that the correspondent banking business has been a model since 1998 and we’ve been busy addressing that, bringing it to the 2018 model,” Harry Newman, head of banking at Swift, told the Financial Times in June.

Additionally, the SWIFT team has embarked on a series of tests using blockchain technology, which reportedly “came out very well.”

However, it is very likely that if the SWIFT team adopts (even experimentally) the use of blockchain technologies, they will feel more comfortable with their own network rather than using “third party” technology.

The escalating wave of rumors, reinforced by the company’s excellent financial results, had a positive impact on prices. Ripple (XRP) managed to replace Ethereum (ETH) as the second largest cryptocurrency for a brief period, and although it has now lost that position, the difference between the two tokens is still close.

Ripple performed exceptionally during 2018, something that had a very positive impact on the valuation of their digital currency XRP, however, Ethereum suffered a series of delays in its announcements that hurt the value of its cryptocurrency ETH.

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The total market capitalization of Ethereum is currently $21,669,571,726 and its cryptocurrency XRP has reached $20.968,666.119. For its part, “Swift” reported that it has raised at least five trillion dollars a day since 2004, according to a report issued by the US Treasury.

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