Fake News: SWIFT Is Not Joining RippleNet

| Updated
by Darya Rudz · 3 min read
Fake News: SWIFT Is Not Joining RippleNet
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Potential integration between SWIFT and Ripple, which would make Ripple’s products available to 4,000 new banks, is a faked rumour.

Lately, there has been a speculation regarding partnership of global provider of financial settlement solutions Ripple and the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the world’s leading provider of secure financial messaging services. There have been talks about potential integration between SWIFT and Ripple, which would make XPR a new highway for crossbanking settlements. Reports on the internet stated that SWIFT, in its upcoming upgrade, would make Ripple’s products available to 4,000 new banks.

Ripple’s crypto has already shown good market performance, overtaking Ethereum in value. Its current market capitalization makes up $20.4 billion, and the price is $0.508 per coin. With such results, positively effected by the speculation, XRP is a serious competitor for Ethereum, the second top crypto.

However, the rumours turned out to be faked. According to Finance Magnets, a SWIFT spokesman denied them after the journalist team contacted the company trying to obtain an official statement to clarify the situation. As the spokesperson stated, the upgrade to SWIFT’s GPI system was a technical one that would enable a tracking reference to be added to all transactions.

“I’m not sure where those rumours are coming from, but the upcoming standards release … 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.”

After SWIFT categorically dismissed any talks between the two companies, intense media driven speculation about a possible partnership of Ripple and SWIFT seems to be coming to an end.

SWIFT to Upgrade Its Platform

SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. The company provides an interbank network that enables financial institutions to exchange information about financial transactions in a safe, reliable, and secure manner. SWIFT has been serving its customers for over 40 years, its messaging services are used and trusted by more than 11,000 financial institutions in more than 200 countries and territories around the world.

In June, Harry Newman, head of banking at SWIFT, said:

“It is no secret that correspondent banking is a 1998 model and we are busy addressing that, bringing it to a 2018 model.”

An add-on upgrade to SWIFT’s GPI system is expected to launch on November 18. According to the company, the upgrade is a technical one, attaching a tracking reference to all transactions.

Moreover, the company is promising to release SWIFT Standards, allowing customers to learn more about their upcoming update and gain access to innovations in cross-border payments served by SWIFT.

The SWIFT team conducted a series of tests with blockchain technologies. Despite the fact that the team was trying to experimentally adopt the use of blockchain, the company would likely feel more comfortable with their own network than using a third party’s technology.

Altcoin News, Cryptocurrency news, News, XRP News
Darya Rudz
Author Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.

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